Colony Starwood Homes (SFR) saw its loss narrow to $11.34 million, or $0.11 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $44.20 million, or $0.43 a share.
Revenue during the quarter grew 9.24 percent to $151.04 million from $138.27 million in the previous year period.
Cost of revenue rose 5.22 percent or $2.82 million during the quarter to $56.90 million. Gross margin for the quarter expanded 144 basis points over the previous year period to 62.33 percent.
Total expenses were $154.92 million for the quarter, down 11.69 percent or $20.50 million from year-ago period. Operating margin for the quarter stood at negative 2.57 percent as compared to a negative 26.88 percent for the previous year period.
Operating loss for the quarter was $3.88 million, compared with an operating loss of $37.16 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $81.85 million compared with $72.93 million in the prior year period. At the same time, adjusted EBITDA margin improved 144 basis points in the quarter to 54.19 percent from 52.75 percent in the last year period.
Revenue from real estate activities during the quarter increased 8.16 percent or $10.64 million to $141.10 million.
Income from operating leases during the quarter rose 8.16 percent or $10.64 million to $141.10 million.
Other income during the quarter was $2.77 million, down 4.01 percent or $0.12 million from year-ago period.
"Our Same Home revenue growth of 6.9% reflects the continued robust demand and muted supply within Colony Starwood Homes’ high growth markets in the first quarter of 2017. Quarter ending occupancy of 96.1% positions us well as we enter the 2017 peak leasing season while Same Home Core NOI Margin of 65.4% indicates continued gains in operating efficiencies," stated Fred Tuomi, the Company’s chief executive officer. "We were very pleased with the execution of the Company’s first primary equity offering of $350.0 million, which demonstrated strong investor demand, further strengthened our balance sheet and provided substantial growth capital. Looking forward, we see 2017 as another year of strong fundamentals and superior results."
Total assets stood at $6,963.87million as on Mar. 31, 2017. On the other hand, total liabilities were at $4,000.98 million as on Mar. 31, 2017.
Return on assets was at 0.17 percent in the quarter. Return on equity was negative at 0.38 percent in the quarter.
Debt comes down
Total debt was at $3,843.87 million as on Mar. 31, 2017, down 5.95 percent or $243.26 million from year-ago. Shareholders equity was at $2,962.89 million as on Mar. 31, 2017. Meanwhile, debt to equity ratio was at 1.30 percent in the quarter.
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