Griffin-American Healthcare REIT III (GAHR) saw its loss widen to $42.44 million, or $0.22 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $15.44 million, or $0.08 a share.
Revenue during the quarter surged 750.17 percent to $248.93 million from $29.28 million in the previous year period.
Cost of revenue surged 1,259.56 percent or $180.56 million during the quarter to $194.89 million. Gross margin for the quarter contracted 2933 basis points over the previous year period to 21.71 percent.
Total expenses were $289.44 million for the quarter, up 551.05 percent or $244.99 million from year-ago period. Operating margin for the quarter stood at negative 16.28 percent as compared to a negative 51.84 percent for the previous year period.
Operating loss for the quarter was $40.52 million, compared with an operating loss of $15.18 million in the previous year period.
Revenue from real estate activities during the quarter surged 85.84 percent or $14.24 million to $30.82 million.
Income from operating leases during the quarter surged 85.84 percent or $14.24 million to $30.82 million.
Other income during the quarter was $218.11 million, up 1,618.19 percent or $205.41 million from year-ago period.
"During the third quarter, Griffin-American Healthcare REIT III completed strategic acquisitions totaling more than $172 million, which results in a total portfolio value in excess of $2.8 billion, based on aggregate contract purchase price," said Jeff Hanson, chairman and chief executive officer. "With 193² medical office buildings, hospitals, skilled nursing facilities, senior housing facilities and integrated senior health campuses located throughout the United States and the United Kingdom, Griffin-American Healthcare REIT III has grown to become one of the largest and most diversified healthcare REITs in the country."
Receivables remain almost stable
Net receivables stood at $118.86 million as on Sep. 30, 2016.
Investments stood at $144.61 million as on Sep. 30, 2016.
Total assets stood at $2,810.14million as on Sep. 30, 2016. On the other hand, total liabilities were at $1,291.89 million as on Sep. 30, 2016.
Return on assets was at 1.54 percent in the quarter. Return on equity was negative at 2.84 percent in the quarter.
Total debt was at $1,137.39 million as on Sep. 30, 2016. Shareholders equity was at $1,493.17 million as on Sep. 30, 2016. Meanwhile, debt to equity ratio was at 0.76 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
