Steadfast Apartment REIT Inc (SFAR) saw its loss narrow to $37.68 million, or $0.80 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $50.69 million, or $2.33 a share. Revenue during the year surged 110.39 percent to $144.01 million from $68.45 million in the previous year.
Cost of revenue surged 103.04 percent or $28.66 million during the year to $56.48 million. Gross margin for the year expanded 142 basis points over the previous year to 60.78 percent.
Total expenses were $155.63 million for the year, up 47.01 percent or $49.76 million from year-ago. Operating margin for the year stood at negative 8.07 percent as compared to a negative 54.67 percent for the previous year.
Operating loss for the year was $11.62 million, compared with an operating loss of $37.42 million in the previous year.
Revenue from real estate activities during the year surged 110.39 percent or $75.56 million to $144.01 million.
Income from operating leases during the year surged 108.85 percent or $67.09 million to $128.72 million. Revenue from tenant reimbursements was $15.29 million for the year, up 124.34 percent or $8.47 million from year-ago period.
Net receivables were at $1.66 million as on Dec. 31, 2016, down 63.12 percent or $2.84 million from year-ago.
Total assets grew 18.43 percent or $232.94 million to $1,497.10 million on Dec. 31, 2016. On the other hand, total liabilities were at $1,007.10 million as on Dec. 31, 2016, up 14.16 percent or $124.91 million from year-ago.
Return on assets for the year stood at negative 0.78 percent as compared to a negative 2.96 percent for the previous year. Return on equity for the year stood at negative 8.16 percent as compared to a negative 13.61 percent for the previous year.
Debt moves up
Total debt was at $971.76 million as on Dec. 31, 2016, up 14.22 percent or $121 million from year-ago. Shareholders equity stood at $462.05 million as on Dec. 31, 2016, up 24.02 percent or $89.48 million from year-ago. As a result, debt to equity ratio went down 18 basis points to 2.10 percent in the year.
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