RESI - Earnings call transcript Q3 2017 | Front Yard Residential Corp

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day, ladies and gentlemen, and welcome to the Altisource Residential Corporation Third Quarter 2017 Conference Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions] As a reminder, this conference call maybe recorded. I’d now like to introduce your host for today’s conference, Mr. Officer. Financial Chief Lowe, Robin Sir, you begin. may

George Ellison

Corporation, Thank joining us Dania. I’m Chief Altisource Good RESI. to Robin morning, for you the Residential of Officer thank and Financial we today. and refer as everyone, Lowe, you which My is name

Before please remind that find log www.altisourceresi.com. our site presentation want on a remarks. To These to accompany at additional may available to useful. to our I information slides access we slide begin, you is the investors provide slides, Web

indicated the the of may by future differ may forward-looking forward-looking to risks pursuant discussed Securities As by Company’s materially use X, certain contain presentation from These identified on that our Safe the Slide cause reference forward-looking the terminology statements actual of to period statements Laws. forward-looking statements. results results the to and may or involve in could be uncertainties Provisions a Harbor that Federal

of factors third as a an XXXX and well For release, our first the Form-XX-Q cause Company’s risk refer as earnings XXXX XXXX, to quarter filed Securities XX-Q such please Forms the difference, XX, we Commission, XX-K, filings Form the statements our year-end including our Exchange the today. second our with elaboration disclosure in and and that December that may quarter

e-mail email, the would you using on register please the via button. filings, like Web shareholders materials site If to of other receive SEC our releases, and page our news alerts

like Chief to turn over Officer Joining the George. today’s me of RESI. George for to I’d now is Executive presentation Ellison, call

George Ellison

good and Robin, Thanks, everyone. morning,

to our pushing two primary quarter's call equity portfolio last and improve discussion goals: to operational ourselves we our to our existing keep recall, performance. of you ended If to using our grow continue the

to happy We hit again targets. report we’ve our are that

and deal include transaction the X,XXX XX,XXX will since on This take X,XXX with will report our of year XX November see increase over from to homes. This approximately XXXX. that announced end Amherst. stabilized closing we which of the you round of on Page XX% somewhere scheduled homes, previously purchases is an and to homes acquisition portfolio X,XXX rental represents X, our of final of out between our homes about As close

this increased significantly rental $X.XX Stabilized per to operating addition improving our growth, core In we're to metrics. FFO share.

recall, that X,XXX you XX,XXX FFO of was reached stabilized to a we core per per promise. an XX%. made third had NOI have stabilized If promised quarter the increased we of $X.XX rental quarter, commitment In stabilized homes. on Stabilized XX%. core and we margin of quarter hit delivered approximately we Stabilized homes. average FFO when occupancy $X.XX was over

predicted, small have as As loan up last transaction quarter, Also for was close a complete. several later weeks impact. to no we this This in month. ago mentioned financial significant and clean trade scheduled are had sale will awarded this

Our nonperforming loans now are essentially gone.

end Our that’s assets the of remaining push continue quickly of a funding had the non-rental and and debt a row as as We dividend left of our the legacy seventh quarter these of $X.XX out REOs in of are over door all will our quarter four for possible. at the years. maintained to term we XX%

cover to loss to the the later the work their for Rob in get back the major call. We As was and impacts our get are homes our relates families who financial their customers. hurricanes, it concern into diligently stabilize. to will folks

per increased Page to the rental and $X.XX core revenue Now get share. quarter. FFO let's details. X.X% X to Rental last from turn increased Stabilized into

RESI. is We’ve this started of another set the an Hitting the this stabilized for As a growing X,XXX dividend I paid. been share Again per goal of target portfolio. has was hit now homes. $X.XX average $X.XX milestone per mentioned, stabilized we a share when per quarter once we goal of homes XX,XXX hit we extremely goal important at

detail. total quarter of end. which little XX,XXX portfolio a Approximately at XX% homes, portfolio are at were over The the some X,XXX third ended quarter homes rental leased For now stabilized.

mentioned, closing in the has trans announcing The yet to been final the planned close the this homes purchase last our trans to homes. X,XXX homes approximately size somewhere this finalized. XX. we scheduled take of XX,XXX of will agreed between The with It are March be last exact of we X,XXX As year-end. portfolio will back not to November year. by is trade closing This and on Amherst

up mentioned, of September, The we this I was the in will trade be by last end close As our awarded closed of not with trade clean will that small November. impact a sale NPL significant. financial

REO quarter. fourth quarter will the start of is but this time well. in approximately issue season we home somewhere of sold mostly sales homes an XXX The year, with in XXX this the this selling over front, shape disposition home on as On great expectation around XXXX

the rental were in quarter. stabilized XX% stabilized at NOI increased leased margin front, third end. to operations quarter the On portfolio rentals XX% of

efforts lease the Our by liquidity Rob of rate on our rate and quarter team have his a and X%, funding push X%; increased duration us a front, with the rents position at re-leases in XX%, debt. and kept turnover the for continue renewal to great renewals they was by out their X%.On

improved now you rent see blended X, XX%, score card. Let's call renewal X%. up the our Rob. Turnover turn to leasing increases back X%, rate I turn to to can current Page will

Robin Lowe

quarter Today a of $XX.X GAAP the Thank million net third loss reporting for you, George. XXXX. we're

a revenues of sequentially Before asset XXX the the over quarter acquired impact hurricane were non-rental operating XX% quarter last impact full of the in million, value quarter. XX%. November million, XXX $XX the approximately of and X.X% compared would reflecting at an that reduction only was our Expenses of loans quarter loans $X.X expect hurricane for for end quarter around to reduction the quarter the $XX.X $XX.X the the was mortgage $XX.X books reflecting excluding related sale first million, the and Total homes a increase XX% related up declining the improvement Amherst disposition. in second X% second XXX the of loss items an items, revenues to XX a sold REOs over Rental third to of prior of XXXX. close million, compared quarter to leave million. from carrying the with We quarter quarter to legacy on increased

As we become line costs insignificant. $X less quarter of scheduled we assets, seeing sales last million. reductions are servicing Mortgage than continue After to loans related the expense the to this should XX% disposition lines. compared legacy expense in dropped loan November, for further

we the The lower in the quarter. of unit as Core are and towards $X.XX, stabilized in further quarter XX.X%, REOs. XX% costs and the to property FFO properties REOS quarter quarter are last now renovated costs second lower more and reduction of this as the the than REOs, XX.X% and third to XX% mainly and accruals. property as Most we non-rental full end of XXXX. NOI of timing disposition the we came should second to this and There purchased strong margin operating was cost due expense we Selling up billings significant maintain despite rental disposition quarter margin see seeing last As tax the XX% was of than continue to average last end first to in at XX% as up portfolio for and second turn reflects we lower quarter. non-rental line. some trend compared a than the stabilized to contributed rental REO importantly, from quarter, from $X.XX quarter close a quarter in expensive were that The purchases the of homes. costs portfolio quarter. first quarter of the third on XX% compared were inventory, fact homes the lower quarter the the actual cost the in we to NOI in complete than Again, reductions non-rental progress impact the XXX% the control. operating non-rental reduction are also quarter Amherst in Amherst on out XXX from from remaining we was continue expect third impairment make last less number costs lower fully

NOI for reduction insurance into significantly insurance as contributor this in improved single costs we our coverage. to For high all coverage properties a premiums margin policy for a reduction achieving a example, quarter a was consolidated in the XX%

on While and to Harvey insurance, I of would Irma. discuss like the of impact subject the hurricanes financial

impacted only minor have We the significant the the Of remainder range XXX, of damage, X,XXX areas, homes experienced more hurricanes. XXX while experienced XXX affected the a damage. in were by

financial minor the including the RESI that total be $X repairs. insurance million expect will the of and We hurricanes in of of the cost to to $X million, range deductibles impact

with damages million. estimated statements of Our third before total XXXX quarter insurance financial hurricanes recoveries $X include both

our assessments, are property best damages this estimate of is managers their total Our at continuing this but time.

million. $X of quarter final of the expected in in we recovery is Again, this at of bottom to million $X have that ongoing, million the is range and end We the is estimate the insurance insurance our insurance recoveries and insurer also be of $X.X Work deductibles our range third financial included with coverage. believe an the statements. could of potentially

number evaluation and seller and As The rental for funding were to Slide of approximately under the about regard REOs of had were in of a on for capacity sale. for additional properties, million held evaluation the quarter. portfolio we cash held to we the prior funding the XX,XXX expect fourth The available XXX the shown of financing compared the at were of rental and of $XXX equivalents sale. to million for With the of excludes liquidity of and by quarter XXX sale total on total end quarter. a approximately total the at in X, XX% XX,XXX under under of Slide agreement which or million end This we Amherst held reduced quarter remaining use financing. $XXX X, capacity that unused $XXX cash

XX% to debt longer. continue over end quarter the the on four back duration now funding to the financing or term work We of of years second and a turn call will George. had our extending of I at

George Ellison

Rob. Thanks,

delivering So are operating at or on strong promises both. Almost our strong everyone quarter improving metrics RESI. another of of or

closing affordable that model. fits high-yielding housing of are our large business We another block homes

shareholder at answering key increased which and stay First, to for And Dania, pound requirements. performance [indiscernible] RESI? with company second, will and all turn will forward stay need opportunistically using to our directly need disciplined feed focused questions have. homes our about you buyback that liquidity, continue any next we shares to metrics, equity yield our away to you high may remaining buying judiciously, we into back you. on value. We I of look it to fit simply our our what’s So discussing

Operator

Jade of line Thank from [Operator the Rahmani you. And comes our first question KBW. Instructions] from

Your line is open.

Jade Rahmani

and much congrats hurricanes on through very Thanks making front. single-family well the a continued progress as the as on managing rental

overall was Just question rent you on same-store slowing ask potential to And would wanted if or you're that one to seeing wondering seems weighing that if that seasonality? sector to is trend attribute growth. the I be

Robin Lowe

number we which are had reasonable we Jade. kind the quarter The of to a close X% of to rent growth, the on sort I that at is in think X.X%, blended X.X% came modeling.

lot we impact So, a I saw think that. don’t for of

okay quit with are that. We

George Ellison

can And that. to overall consistently. X% if market, we you great with by is it hit jump throughout a are -- market the but number, pleased that

Jade Rahmani

this deceleration any are in sector? play to seeing we believe out there reason apartment the Is which

Robin Lowe

between it we this is You seeing said, markets. George not different that��s stage. -- variation at are know not a Obviously as

markets hot in X% but now, that Some feel think X.X% are others confident we range. are pretty I to so, overall not pretty right

Jade Rahmani

markets release you the for Can give highest that, had seems other Fort It which color in hand as rents view and both soft. you example, any Oklahoma Myers and were City on somewhat the on and change Atlanta strongest. Memphis

George Ellison

talked walk as don’t it's is when this The I think on by NOIs market. later we on we can we we You know, City have you Charlotte, well. through Oklahoma chat pretty space, before, but something hard about NOIs

NOI Memphis's want City something for we it, Memphis the at not same XX%. occupancy of is in the NOI where So, Oklahoma is is with but like XX%. thing. example,

positive. continue to numbers, we more good bad we as but already you as you those, that that’s a focus going even NOI, be see fix to So very on what have --

group So reiterating our as for you mom-and-pops, continues the supply customer to by know housing for demand there we an amount remember that's the in going buy across difficult affordable the incredibly those amount there can and side of stay to enormous homes, mortgage and up to of need theme, continue still housing so going it’s is is is enormous and very I access roll so the there strong. is market. to it of from grow see massive are the board, keep age think a to you we we’re And the customers this -- demand it's and an space, that

Jade Rahmani

talks any segment with this focus at Freddie for on which funding had be in to you asset seems GSCs for Mac, class the Have big particular? the a affordable

George Ellison

something Fannie IH very that's Yes. anything to the Minneapolis was feel I too serious well. we pretty are Don obviously much want happened, folks don’t see we and Layton mean, or those But transaction and at as great all. in say to involved is probably serious about and

we those folks. both so are close And to

think they it about -- housing think I to that but I I need FHAs which this being can't by I fair, watch truly care think are pressed space. speak be for for credits them, they’re affordable and do,

Jade Rahmani

fourth Tricon you the all able assets. to say portfolio? you assets those on of or X,XXX bid quarter you of part Are include about any these plan in acquisition I pending sold are to whether that if or noticed acquisitions say able The

George Ellison

We were Berman interested every in Silver bought Gary then of step them. way, the Bay and at

it all said, X,XXX, we knew and went then think [indiscernible] so the for homes looked and times we we that And want had we and well then X,XXX, in very portfolio box that, Tricon bid portfolio the exactly all a to I miss and you and X,XXX, changed sold Tricon on to multiple that. knew something like at of them, pay

that. public it's bought I think knowledge Amherst

done, be those which will you of still of as know be again this to And the you when homes were I down more about the obviously the to ticking a problem fit so not don’t we're in Silver been identifying well are pool, very we lot bid, very, to them, the and Bay, able final a little a fit you what's some will have us -- and time tell homes. We to Amherst but to so all last inside you, on some obviously able numbers following close of very at are. see the trade Tricon, we so it we there for is

Jade Rahmani

looking around are portfolio rental of for in the X,XXX potentially that is lot I if wondering there's under in those other I And Okay. lastly, core you don't of guess, of -- category or the portfolio, homes. evaluation you that sale, the those some a part at markets? scale a was is feel, have

George Ellison

in think know, talk things where for there you that two focused Two -- had publicly expect we when growing at critical not on on call key more going I bucket on it's is a as I Well is is we’re I St. and dropped to the than where this. size the last haven't just and Louis about markets that so, we look two things things place St. Louis we example, on. we we're mentioned here. and

going Ohio other is and be you after we’ve markets have not And on the exactly on years is or the you we as would and the the created but are we your turned know that’s a it’s hit homes said which last so a the coming okay, but want change in yield, three of here end what a end lot, question, is at just to but a probably are unless proper to that in that by yield buying growing and or then yet, of were there. were there and Birmingham, certain So on of probably plan strategy up all a put know model places part year the you that’s up pretty few back that XXX you clean you loans first here Birmingham been they not homes that that is trim fine, I that XXX of mission think business loans that some don’t into if you sort so the handful so next in homes of market, which unless have small cities, if ago, you are is on portfolio. hard.

I’m and probably the don't be have and of see able actually some of I lot by able cities It's time it hit to we growth long, stage. up So but would -- end I of ways. exactly a say imagine how of nonstrategic places you'll I think over the two cleaned not to 'XX, the

Jade Rahmani

Thanks Great. will much. queue. I very get in back the

George Ellison

Jade. Thanks,

Operator

you. And from Suisse. Doug Thank next Arthur our the question comes Credit line from of

is line open. Your

Doug Arthur

portfolio, leased or board the that newest on said that we you content finalizing Thanks. other of expect Amherst it rented or still should you're portfolio similar to comes content the be I know to as a when but deals? stabilized sort

George Ellison

be very, should it Yes, similar. very

Doug Arthur

Got deallocation entirety stabilized the of expect the of we total, management the absorb cost? to that the stabilized then that the portion at fee And looking that and should it. between of when

Robin Lowe

you Yes. becomes the basically portfolio total finally of rental the management Obviously, the portfolio the of to equity forward increase. fee we We stabilized allocation Doug, move part know that use and will of as all allocate stabilized rental management assigned costs. -- it then a to the greater

Doug Arthur

with the the that substantially guess, should sold allocation should we that segment loan we up quarter sort coming right I I we that go to guess, REO fourth of -- noticeably just expectations I down and expect pretty see it so how the is stabilized or for mean, So, in meaningfully. get FFO? can that

Robin Lowe

in I as it go the the should quarter fourth Amherst new say, up with again Yes, acquisition.

the be we it's quarters now, of get that beginning to full so not November So allocation. time trade the we're a done, at at obviously going

I purchases be modeling purposes, think a For month. might it would

Doug Arthur

right. you. Thank All

George Ellison

Doug. Thanks,

Robin Lowe

Doug. Thanks,

Operator

from Grondahl Thank Northland line from next Instructions] our And Mike Securities. [Operator comes you. the of question

line Your is open.

Mike Grondahl

bucket $X.XX X,XXX rentals or we think the about about a quick X,XXX rentals? question, that Whether the you’ve margin that's hitting Thanks, next that how Thank hit think FFO, kind guys. should rentals, that on the should we incremental now of you. leverage the model? of how A

Robin Lowe

the question elaborate Yes. slightly? Mike. -- I’m with Could cutting you it the -- question, you’re

Mike Grondahl

Yes.

So added you of a or X,XXX each equal how X,XXX XX,XXX FFO guys you've that rentals are you driving Like that rentals, $X.XX if scale, rentals a into we FFO? X,XXX much got and of FFO? about bit scale, how about affecting have the needed a quite should think so would

Robin Lowe

slightly have of obvious you obviously, up, FFO rise. of don't number a to I give the will up. obviously guidance, go in FFO sense give absolute as you to but continue Yes, homes rental -- on go numbers comp

Mike Grondahl

George, Obviously, trying you slightly quarter about differently, are fourth thinking to how are Maybe to it some Okay. you purchase bands of what XXXX for gets the XXXX? think about now? about this XX,XXX,

George Ellison

of the what? some With

Mike Grondahl

acquire The for you ranges that homes in like XXXX to would …

George Ellison

Okay.

Mike Grondahl

of and kind end low high-end. a … a

George Ellison

currently of Yes, I into on depend again the its of the but goes a we last out, some the much a how then REOs goes as number how mean, equity will purchase. look of at walk homes as have, excess -- so leave cushion we he can that leverage he that as we last cash out will home, to bit bit obviously Rob on can the you and and many little put price see it will bit loans

the get or that probably can X,XXX So at X,XXX somewhere you low-end. with equity the in

average remember think or house in bought If 'XX, the homes is you price the XX,XXX. XX,XXX we Atlanta I

the quite number could it it's XXXX. getting high matter same as doesn’t of be really X,XXX. equity getting So as as invested But as much, in It the yield. X,XXX, low that could be X,XXX, homes as

home amount a is starting point. the So

will in happen to the next right secret six about. what few then quickly. looking in are hopefully can could two I keep but pushing quite if would could get to say was still the -- out Rob we a we yield, more it be and happen can months, hold patient, are the So so to sometime on there, to pretty line so we price the the we there But happen FFO, talking next the X,XXX able that months, that and X,XXX going is and that’s so getting pools

Mike Grondahl

mentioned Memphis last still we just slower bottoming little And about bit little then Memphis sort a quarter of you. a and And it sliding? earlier, talked are or that you seeing looked a is you Oklahoma. Got little

George Ellison

Memphis NOI -- I know at and a Oklahoma well You certainly -- the average. in City as the our there Ohio you NOI is is said, look things, higher few as in than so the

Tennessee Tennessee think now. really going -- So I there we of into good demographics is to families and great some Memphis press pretty raise Memphis to that Carolinas looks it, the and as and both place are it have like and so to is in there we’re continue great. news are the a low think live and a is all utility with massive cities view rate I the We

with fine Memphis. still we’re So

Mike Grondahl

it. Got

Okay. Thanks a guys. lot

George Ellison

Thanks, Mike.

Robin Lowe

you. Thank

Operator

from do we have from And KBW. Rahmani you. a question Jade follow-up Thank

Your line is open.

George Ellison

Jade?

Jade Rahmani

Sorry.

could the days anything we some primarily quite Just the on of XX.X%, NOI margins the or NOI driving view that margin a you potentially have sustainable is to houses recently. that have begin this result that is market looking some the than as entail? peers think bit and there at portfolio as it lower the Is might that reported core ratio the level that this phenomenon of a decline increase do early turn that turnover the that higher seen of segment of as you a seasons,

Robin Lowe

it's those a think combination things, both Jade. I Yes, of

particular cost we costs, actual care I at this kind come resources at think turn end than And kind quarter, were as quarter. and billings I some tax of so said turn on sold So, as as some we the frankly this were cost accruals. putting across turns with tenant to below hurricane very sold concerned unit unit per there damage, lower these in of saw I and said, quarter unit we less as we of

that’s as on I NOI long-term and will quarter, the to continue. insurance a savings we And trend improvement this a that’s one I as think that the quarter us this expect helps significant on and said, control creating thing. the to well. sustainable to .X% term important that alone achieve about with your contributed my longer I’m cost progress good we think I point is lot

So, George?

George Ellison

thing granular I would -- give only would broader, that that the I Rob XX% have that XX%, cities add NOI the answer this to have I those the high-level facts you certain XX%, obviously list has, the said on are more that margin. XX%, Yes, is as

are place. I get we bigger at to the about XX.X%. lot all the is, going with way over We'll to think We're a quarter. get are The when it. be we So, see going get were last we we think those overly cities excited to of it too and in I to down not XX%. NOIs XX% We're obviously happy

are I time -- for I make XX% can press low it's We -- high. or [ph] industry always shooting to when should bit a exercise too mark. too so trend the little even we higher, a -- think get wouldn’t but is long-term and be hopefully to that In the can

are we have job, but So bit I of great it. always pleased, to a the number very volatility is very, think a did that team going to little

Jade Rahmani

actually than turn costs? again say the that turns lower quarter or costs less unit into slipped were you fourth drove Was budget? the the what Can

Robin Lowe

of things, those Both Jade.

We Property managements are better definitely and efficiencies. achieving better that. are doing some on cost

it So hurricane of work. timing said, to bit -- I diverted resources just little thing, a also as was that’s were kind but of issue since the a one

So both things. of those

Jade Rahmani

that question, to now a being to G&A just Doug's there off. -- assets legacy And the think running follow-up allocated I is are right

of portfolio in diminished. a And FFO that I which should as we But you it servicing a G&A guess, some And debt size at expect result those temporarily so, increased still G&A portions of long color go would of core a take away might how -- XX,XXX? costs gave allocation SFR? to on basically as

Robin Lowe

I wouldn’t dip, expect a significant Jade.

a that core linear to of G&A in sense the I FFO. fairly its think allocating in sense

at that’s you’re expect everything I and because allocated are is is that’s you the rental top a So a of think line. all that straight G&A should covering on that FFO to and we see bottom what increase, going pure big once to point, on what some going

I long-term trend. So that’s think a

Jade Rahmani

impacts level Okay. powerful to which Is earnings? that to really have there some a portfolio starts at

Robin Lowe

all we equity let's when probably spent our said think we’ve get obviously example. that homes we near Yes, will say, for we XX,XXX around,

the at So, allocated, all to that equity of be all I of sorry, bottom go top that on gets the straight think should so point G&A line. of that --

Jade Rahmani

And us property I basically single family lastly are to and what costs RNM, can company, the ask per turn costs rental remind for just you something for every for CapEx?

Robin Lowe

of now of Yes. a our is annual. budget On RNM $X,XXX. annual the the $X,XXX right We think same, CapEx, range we kind in

are conservative on I think that. we a little

maintenance think a to our annualized conservative want right cost now. than range And the our I $XXX. little CapEx maybe we of less in be is that, but turn

Jade Rahmani

$XXX.

if stayed be it those of on -- top people four saying that years, a you’re costs So if would other of about $X,XXX turn?

Robin Lowe

Yes, again of on estimation turn. a our kind we are of little being conservative

$XXX on As close you evidence. pointed and based out current of years earlier, say X turn $XXX. I our years probably is turnover to to X would the total cost kind is

Jade Rahmani

the of your buy given alternative? a some out that would to that’s purchasing much case? you would some renters move of other lower, the is home choose a as I of statistics a And an guys or that you about on would third I percentage any have have assume for home. assume do players

George Ellison

I with you we unlike to -- mid out we’ve -- what question, are data, the was to we people our the the think who that, way you is have of what moved but would like do on data I they The from we know you like those bought asked social XXs everybody can't and think how in mean, running homes see the mid of in in teens, folks other consistently said, the as in many high mortgages, are And the disclosure? got mortgages. most I whether industry,

Robin Lowe

That’s XX%.

George Ellison

different crisis for really our housing folks reasons, we the is trying are is these to the the be way again pound housing space challenged, and in of completely we’re right that, -- be a its and and patient to continue its right square need. to now XX%, to good model and of The so it's going middle there different in model. bad Jade, affordable is and that a are trying country story, totally address

unlikely that very population have to they’re they our to and trying get so segment required that’s folks going to mortgages mortgages sometime. And it's may are we -- and will huge a of but these here be able had And that’s serve. pre-crisis,

-- of for the there, hang are number these said … and that right is think the force longer the so won't to think on We folks to homes there, one number, about know times demand as the but continue that going homes space the to I grow much are And is in and going our I three there. stay the almost but any it homes too

Robin Lowe

times. three probably Yes,

George Ellison

people mortgages. are XX% competitors the out move of to that our XX% get

folks and them. need there until and be going And are place then can't to going get to live changes, them. they Our we that rent to helping they’re a

Jade Rahmani

And they XX% that are to apartments move are don’t to or or they mortgage, out get other or back going? single buy where moving family the rentals a to

Robin Lowe

as It's to Jade, have one move cities to move whole or another. you would range a of reason for things, People or expect. are going

big sort there thing. no of So, directional one is

George Ellison

and as obviously Yes, we who get pie bought give shows transferring, us credit can a and quarterly, every problem nice probably [indiscernible] you see don’t said I and -- chart got break credit they show who a see out all why and were moved it's -- we moved issues the a I issues property that can slice moved home, out. people data, down you managers the and so a the

Jade Rahmani

much. so Thanks

George Ellison

Jade. Thanks,

Operator

company you. Thank to session. to like the the call back over remarks. And Q&A closing I’d conclude this for turn today’s

Robin Lowe

day. great call for have everyone a Thank you you. the Thank and joining

George Ellison

Thanks everyone.

Operator

conclude participating have may program thank you and a Ladies disconnect. great Everyone conference. does all gentlemen, and day. the today’s This in you for

Front Yard Residential (RESI) 7 Nov 172017 Q3 Earnings call transcript