NorthStar Realty Europe Corp (NRE) saw its loss narrow to $12.72 million, or $0.22 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $31.89 million, or $0.51 a share. Revenue during the quarter dropped 11.33 percent to $37.78 million from $42.60 million in the previous year period.
Total expenses were $24.23 million for the quarter, up 6.95 percent or $1.57 million from year-ago period. Operating margin for the quarter contracted 1096 basis points over the previous year period to 35.86 percent.
Operating income for the quarter was $13.54 million, compared with $19.94 million in the previous year period.
Income from operating leases during the quarter dropped 12.54 percent or $4.27 million to $29.80 million. Revenue from tenant reimbursements was $7.83 million for the quarter, down 3.43 percent or $0.28 million from year-ago period.
Other income during the quarter was $0.15 million, down 64.78 percent or $0.27 million from year-ago period.
Mahbod Nia, Chief Executive Officer, commented, “We are pleased to announce another successful quarter as evidenced by the strong third quarter operational and financial results. We continue to make good progress with our capital recycling plan, having sold an additional nine non-strategic properties for a combined sales price of approximately $300 million in line with the June 30, 2016 C&W independent valuation. These sales have generated significant liquidity for NRE allowing us to simultaneously reduce our indebtedness while continuing to take advantage of the current trading discount on our common stock through the share repurchase program.”
Total assets declined 21.61 percent or $573.97 million to $2,081.76 million on Sep. 30, 2016. On the other hand, total liabilities were at $1,417.94 million as on Sep. 30, 2016, down 29.01 percent or $579.41 million from year-ago.
Return on assets for the quarter stood at negative 0.17 percent as compared to a negative 0.65 percent for the previous year period. Return on equity for the quarter stood at negative 1.92 percent as compared to a negative 4.85 percent for the previous year period.
Shareholders equity stood at $662.10 million as on Sep. 30, 2016, up 0.79 percent or $5.19 million from year-ago.
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