Revenue during the quarter plunged 92.48 percent to $4.40 million from $58.52 million in the previous year period.

Cost of revenue dropped 9.43 percent or $1.56 million during the quarter to $15.01 million.

Total expenses were $77.07 million for the quarter, down 5.96 percent or $4.88 million from year-ago period. Operating margin for the quarter stood at negative 1,651.12 percent as compared to a negative 40.03 percent for the previous year period.

Operating loss for the quarter was $72.67 million, compared with an operating loss of $23.43 million in the previous year period.

“Residential continues to deliver on its stated goals. In the third quarter, we completed a transformative acquisition that doubled the size of our single-family rental portfolio and diversified our property management infrastructure, while continuing to improve our operating metrics,” said chief executive officer, George Ellison. “The successful acquisition of a large portfolio of highly stabilized single-family rental properties in our target markets was a significant accomplishment for Residential. We continue to execute on our objectives and make strong progress on our strategy of building long-term stockholder value through the creation of a large portfolio of rental homes that we target operating at a best-in-class yield.”

Net receivables were at $27.84 million as on Sep. 30, 2016, down 21.60 percent or $7.67 million from year-ago.

Investments stood at $628.30 million as on Sep. 30, 2016, down 54.49 percent or $752.27 million from year-ago.

Total assets declined 14.94 percent or $409.44 million to $2,331.10 million on Sep. 30, 2016. On the other hand, total liabilities were at $1,396.70 million as on Sep. 30, 2016, down 7.60 percent or $114.82 million from year-ago.

Return on assets was negative at 2.04 percent in the quarter against a positive 0.33 percent in the last year period. Return on equity for the quarter stood at negative 6.17 percent as compared to a negative 0.44 percent for the previous year period.