Colony Starwood Homes (SFR) saw its loss narrow to $10.90 million, or $0.11 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $11.20 million, or $0.17 a share.
Revenue during the quarter surged 85.34 percent to $146.10 million from $78.83 million in the previous year period.
Cost of revenue surged 73.97 percent or $25.55 million during the quarter to $60.08 million. Gross margin for the quarter expanded 269 basis points over the previous year period to 58.88 percent.
Total expenses were $160.93 million for the quarter, up 78.50 percent or $70.77 million from year-ago period. Operating margin for the quarter stood at negative 10.15 percent as compared to a negative 14.37 percent for the previous year period.
Operating loss for the quarter was $14.83 million, compared with an operating loss of $11.33 million in the previous year period.
Revenue from real estate activities during the quarter surged 84.83 percent or $62.22 million to $135.57 million.
Income from operating leases during the quarter surged 84.83 percent or $62.22 million to $135.57 million.
Other income during the quarter was $3.15 million, down 91.07 percent or $32.14 million from year-ago period.
"Strong demand for high quality single-family rentals continued to fuel revenue growth and stable occupancy through the third quarter peak leasing season," stated Fred Tuomi, the Company’s CEO. "Quarterly Same Store revenue growth was 6.5% year-over-year, driven by Quarterly Same Store Blended Rent Growth of 5.2%. Our Quarterly Same Store Core NOI margin of 61.9% was achieved during the peak quarter for lease expirations, move-outs and operating expenses. Also during the quarter, we accelerated our acquisition activity, strengthened our balance sheet and simplified our business with the sale of our non-performing loan portfolio. Our strategic accomplishments to date position us well to take advantage of the many attractive growth opportunities available in the single-family rental space."
Total assets jumped 113.96 percent or $3,496.23 million to $6,564.08 million on Sep. 30, 2016. On the other hand, total liabilities were at $3,917.12 million as on Sep. 30, 2016, up 93.81 percent or $1,896.04 million from year-ago.
Return on assets was negative at 0.18 percent in the quarter against a positive 0.22 percent in the last year period. Return on equity for the quarter stood at negative 0.41 percent as compared to a negative 1.07 percent for the previous year period.
Total debt was at $3,684.13 million as on Sep. 30, 2016. Shareholders equity stood at $2,646.96 million as on Sep. 30, 2016, up 152.87 percent or $1,600.19 million from year-ago. As a result, debt to equity ratio went up 6 basis points to 1.39 percent in the quarter.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
