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Exhibit 99.1
TUESDAY JANUARY 8, 6:01 PM EASTERN TIME
PRESS RELEASE
SOURCE: AMERICAN RESIDENTIAL INVESTMENT TRUST INC.
AMERICAN RESIDENTIAL COMPLETES BUYOUT OF HOME
ASSET MANAGEMENT CORPORATION CONTRACT
ISSUES EARNINGS GUIDANCE FOR Q4 2001, YEAR 2002 AND YEAR 2003
DEL MAR, Calif.--(BUSINESS WIRE)--Jan. 8, 2002--American Residential Investment
Trust, Inc. (NYSE: INV - NEWS) announced that it had completed the purchase of
the management contract of Home Asset Management Corporation (HAMCO), the
external REIT manager. The Company also announced that it had obtained a $5
million subordinated operating loan commitment from TCW/Crescent Mezzanine
Partners, L.P., the senior lender to HAMCO, and amended the Securities Purchase
Agreement to remove American Residential Investment Trust as a party. No longer
being subject to the Securities Purchase Agreement removes some significant
operating restrictions that had been placed on the Company, such as the creation
of operating subsidiaries.
Primarily due to one-time charges of approximately $11.2 million related to the
management contract buyout, the Company also said that it expects to report a
loss in the range of $12.5 million to $13.5 million for the fourth quarter of
2001, or $1.57 to $1.70 per share. Fourth quarter results will also reflect an
estimated $1.8 million, or $0.23 per share, of costs related to the required
infrastructure for the Company's new mortgage origination subsidiary, American
Mortgage Network (AmNet). AmNet began originating loans in November 2001. Book
value is expected to be approximately $7.30 per share at December 31, 2001. John
M. Robbins, Jr., Chairman and Chief Executive Officer of the Company, said,
"This has been a pivotal year for American Residential. Purchasing the HAMCO
contract is the last external barrier to implementing our mortgage
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banking strategy. Capital is now being invested to create the infrastructure
for a mortgage origination subsidiary. We expect that it will yield returns in
2002 and beyond and help us return to profitability and improve stockholder
value. Through a solid business plan with definable metrics, we are rebuilding
our revenue model to support sustainable growth and profitability. To further
our mortgage banking goals, the Company secured a $75 million warehouse line
from JPMorgan Chase Bank."
AmNet, a taxable REIT subsidiary, funded approximately $42 million in mortgages
during the fourth quarter of 2001, having opened its first two centers in
Sacramento, California and Portland, Oregon in November. San Diego, California
and East Coast centers in New Haven, Connecticut and Atlanta, Georgia are
planned to open in January 2002. Several additional regional centers are planned
to open by the end of 2002.
Mr. Robbins added, "Our mortgage banking model provides an excellent opportunity
to build market share in the wholesale mortgage space, which represents over 60%
of the $2.0 trillion residential mortgage origination market in 2001. By
capitalizing on management's many years of mortgage banking experience operating
in all types of interest rate environments, we can leverage this expertise to
take advantage of the strong market demand for home loans and refinancing."
AmNet's closed loan volume goals are anticipated to be $500 million per month by
the end of 2002 with total loan volume expected to be $3.5 to $4.0 billion for
2002 and $1 billion per month by the end of 2003. AmNet expects to break even in
the fourth quarter of 2002. In 2002, the Company expects to show an overall
operating loss of approximately $0.50 per share inclusive of startup operating
expenses associated with AmNet as well as the continued paydown of the mortgage
portfolio. In 2003, the Company is projecting closed loan volume of $7 to $8
billion resulting in earnings per share in the range of $1.25 to $1.75. As
previously stated, the Company does not anticipate paying dividends for 2001,
consistent with its obligation to pay dividends based on taxable earnings.
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The Company is also considering the termination of its REIT status. Any
definitive decision to terminate the Company's REIT status will be subject to
stockholder approval.
The Company initiated a share repurchase program on December 14, 2000 to
repurchase up to $1 million of the Company's common stock. To date, the Company
has repurchased 95,600 shares of its common stock at a total acquisition price
of approximately $280,000. The Company anticipates that it will repurchase
additional shares of its common stock under this repurchase plan in the near
future.
About American Residential Investment Trust
American Residential Investment Trust, Inc. is a real estate investment trust
(REIT) that has traditionally invested in non-conforming, residential mortgage
assets. For more information on American Residential, please visit the Company's
web site at www.amerreit.com.
About American Mortgage Network
American Mortgage Network (AmNet) is a taxable REIT subsidiary of American
Residential Investment Trust, Inc. AmNet originates loans for the national
mortgage broker community through its regional centers.
Certain matters discussed in this press release may constitute forward-looking
statements within the meaning of federal securities laws. Forward-looking
statements include statements regarding the Company's plans to open regional
offices, future projections, Mortgage Assets and book values, future
profitability and stockholder returns, sustainability of growth and
profitability, AmNet's funding levels, loan volumes, termination of REIT status
and the timing and levels of share repurchases. Actual results and the timing of
certain events could differ materially from those projected in or contemplated
by these forward-looking statements due to a number of factors, including but
not limited to: lack of Company experience in opening regional offices and
generating mortgage loans; general economic conditions; mortgage loan prepayment
rates; credit losses; overall interest rates; the shape of the yield curve; the
availability of suitable
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mortgage assets; the availability of financing for the origination, acquisition
or securitization of mortgage assets; the impact of leverage; the Company's
liquidity position; volatility in the value of mortgages held for sale or the
commitments made to fund mortgages and other risk factors outlined in American
Residential Investment Trust's SEC reports.
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CONTACT:
American Residential Investment Trust Inc.
Judith Berry, 858/350-5012
judy@amerreit.com
or
Clay Strittmatter, 858/350-5006
clay@amerreit.com
or
Forti Communications Inc.
Corinne Forti, 805/498-0113
forticomm@aol.com