Steadfast Income REIT, Inc. (SFR) saw its loss widen to $5.64 million, or $0.07 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $3.62 million, or $0.05 a share. Revenue during the quarter went up marginally by 2.60 percent to $54.28 million from $52.91 million in the previous year period.
Cost of revenue rose 5.61 percent or $1.27 million during the quarter to $23.89 million. Gross margin for the quarter contracted 125 basis points over the previous year period to 55.99 percent.
Operating income for the quarter was $5.20 million, compared with $6.43 million in the previous year period.
Revenue from real estate activities during the quarter went up marginally by 2.60 percent or $1.37 million to $54.28 million.
Income from operating leases during the quarter went up marginally by 2.22 percent or $1.05 million to $48.22 million. Revenue from tenant reimbursements was $6.06 million for the quarter, up 5.72 percent or $0.33 million from year-ago period.
"The apartment market continues to positively reflect the strong preference for working America to live in rental housing," said Ella Neyland, president of the Company. "Although construction of new apartment communities will hit record numbers in 2017, post Great Recession, this new product is predominately luxury apartments where rents are much higher than Steadfast's average monthly rents. We believe this continues to make Steadfast a value proposition for most of America."
Receivables remain almost stable
Net receivables stood at $2.90 million as on Mar. 31, 2017. Investments stood at $30 million as on Mar. 31, 2017.
Total assets were almost stable over the past one year at $1,555.85 million on Mar. 31, 2017. On the other hand, total liabilities were at $1,256.50 million as on Mar. 31, 2017, up 7.87 percent or $91.71 million from year-ago.
Return on assets moved down 8 basis points to 0.33 percent in the quarter. Return on equity for the quarter stood at negative 1.89 percent as compared to a negative 0.93 percent for the previous year period.
Debt moves up
Total debt was at $1,215.55 million as on Mar. 31, 2017, up 7.78 percent or $87.71 million from year-ago. Shareholders equity stood at $299.35 million as on Mar. 31, 2017, down 22.91 percent or $88.96 million from year-ago. As a result, debt to equity ratio went up 116 basis points to 4.06 percent in the quarter.
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