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Altisource Residential beefs up rental portfolio, sheds nonperforming loans

Altisource ResidentialCorp. completed the acquisition of a portfolio of 590 single-familyrental properties during the first quarter for an undisclosed sum.

The acquisition helped expand the company's rental portfolioduring the quarter by 29% to 3,531 assets at March-end from 2,732 assets at December2015-end, according to an earnings release.

Altisource said it also wrapped up the sale of 1,078 nonperformingloans during the first quarter at a transaction price within 1% of their carryingvalue and accelerated the sale of its non-rental real estate-owned assets to 686properties, up 76% from the 389 REO properties sold in December 2015.

The company noted that sales of nonperforming-loans and non-rentalreal estate-owned properties at "opportune times" will enable it to recyclecapital to acquire pools of stabilized rental homes at "attractive" yields,buy back common stock or use the proceeds for other purposes.