New York REIT, Inc. (NYRT) saw its loss widen to $82.53 million, or $0.50 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $39.08 million, or $0.24 a share.
Revenue during the year dropped 8.16 percent to $160.27 million from $174.52 million in the previous year.
Cost of revenue went up marginally by 2.54 percent or $2.08 million during the year to $83.66 million.
Total expenses were $213.03 million for the year, up 9.01 percent or $17.61 million from year-ago.
Operating loss for the year was $52.76 million, compared with an operating loss of $20.89 million in the previous year.
Revenue from real estate activities during the year declined 9.88 percent or $14.66 million to $133.73 million.
Income from operating leases during the year dropped 7.32 percent or $9.45 million to $119.67 million. Revenue from tenant reimbursements during the year was at $14.07 million.
Michael Happel, Chief Executive Officer and President of NYRT, said "The Company is moving forward with the plan of liquidation which was approved by stockholders on January 3, 2017. The transition process between Winthrop and the existing external advisor to NYRT is going smoothly. In addition, the $760 million financing completed in December 2016 gives the Company the liquidity it needs to exercise its purchase option at Worldwide Plaza and the Company expects to exercise that option in the first quarter of 2017."
Investments stood at $0.16 million as on Dec. 31, 2016, down 61.72 percent or $0.27 million from year-ago.
Total assets grew 4.24 percent or $87.62 million to $2,152.38 million on Dec. 31, 2016. On the other hand, total liabilities were at $1,210.71 million as on Dec. 31, 2016, up 24.50 percent or $238.22 million from year-ago.
Return on assets for the year stood at negative 2.03 percent as compared to a negative 0.53 percent for the previous year. Return on equity for the year stood at negative 8.76 percent as compared to a negative 3.58 percent for the previous year.
Total debt was at $1,107.53 million as on Dec. 31, 2016, up 26.80 percent or $234.09 million from year-ago. Shareholders equity stood at $941.67 million as on Dec. 31, 2016, down 13.79 percent or $150.60 million from year-ago. As a result, debt to equity ratio went up 38 basis points to 1.18 percent in the year.
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