New York REIT, Inc. (NYRT) saw its loss widen to $45.27 million, or $0.27 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $13.08 million, or $0.08 a share.
Revenue during the quarter dropped 7.51 percent to $41.26 million from $44.61 million in the previous year period.
Cost of revenue rose 5.05 percent or $1.05 million during the quarter to $21.90 million. Gross margin for the quarter contracted 634 basis points over the previous year period to 46.93 percent.
Total expenses were $79.49 million for the quarter, up 56.81 percent or $28.80 million from year-ago period. Operating margin for the quarter stood at negative 92.67 percent as compared to a negative 13.65 percent for the previous year period.
Operating loss for the quarter was $38.23 million, compared with an operating loss of $6.09 million in the previous year period.
Revenue from real estate activities during the quarter declined 9.03 percent or $3.39 million to $34.16 million.
Income from operating leases during the quarter dropped 6.90 percent or $2.24 million to $30.27 million. Revenue from tenant reimbursements was $3.90 million for the quarter, down 22.78 percent or $1.15 million from year-ago period.
Michael Happel, chief executive officer and president of NYRT, said "The Company remains focused on its strategic process and will seek a stockholder vote on the proposed plan of liquidation while also maintaining the flexibility to pursue a corporate sale or merger if our Board determines that is more attractive than the plan of liquidation.”
Receivables increase substantiallyNet receivables were at $51.04 million as on Sep. 30, 2016, up 824.90 percent or $45.53 million from year-ago. Investments stood at $4.94 million as on Sep. 30, 2016, up 703.91 percent or $4.32 million from year-ago.
Total assets declined 8.24 percent or $172.63 million to $1,923.39 million on Sep. 30, 2016. On the other hand, total liabilities were at $958.61 million as on Sep. 30, 2016, down 2.57 percent or $25.26 million from year-ago.
Return on assets for the quarter stood at negative 1.95 percent as compared to a negative 0.29 percent for the previous year period. Return on equity for the quarter stood at negative 4.69 percent as compared to a negative 1.18 percent for the previous year period.
Debt comes down marginallyTotal debt was at $848.85 million as on Sep. 30, 2016, down 2.83 percent or $24.69 million from year-ago. Shareholders equity stood at $964.78 million as on Sep. 30, 2016, down 13.25 percent or $147.37 million from year-ago. As a result, debt to equity ratio went up 9 basis points to 0.88 percent in the quarter.
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