Front Yard Residential (RESI) Provides Operating Update

Front Yard Residential Corporation (“Front Yard” or the “Company”) (NYSE: RESI) today reported the following operating metrics for August 2020:

• August collections at 30 days were 99% of the trailing 12-month historical average. July collections at 60 days and June collections at 90 days were in line with the trailing 12-month historical averages.
• Stabilized Rental leased percentage as of August 31, 2020 continued its positive trend at 98.8%, compared with 98.7% at July 31, 2020 and 98.3% at June 30, 2020.¹
• Stabilized Rental August average occupied days were 97.3% compared to 91.8% a year ago, up from 97.2% for July 2020 and 96.1% for the second quarter of 2020.¹
• Blended rent growth was 4.6% for August, compared to 4.7% for July and 4.1% for the second quarter of 2020.

“August was another excellent month for Front Yard as key operating metrics improved further from already strong levels,” said George Ellison, Chief Executive Officer. “We remain focused on providing high quality service to our tenants and creating value for our stockholders.”
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¹ We define a property as a “Stabilized Rental” once it has been renovated and then initially leased or available for rent for a period greater than 90 days. All other homes are considered non-stabilized. Homes are considered stabilized even after subsequent resident turnover. However, homes may be removed from the stabilized home portfolio and placed in the non-stabilized home portfolio due to renovation during the home lifecycle or because they are identified for sale.

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