Steadfast Income REIT, Inc. (SFR) saw its loss widen to $9.70 million, or $0.13 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $3.60 million, or $0.05 a share.
Revenue during the quarter grew 6.03 percent to $56.37 million from $53.17 million in the previous year period.
Cost of revenue rose 5.96 percent or $1.38 million during the quarter to $24.59 million. Gross margin for the quarter expanded 3 basis points over the previous year period to 56.38 percent.
Total expenses were $51.81 million for the quarter, up 10.82 percent or $5.06 million from year-ago period. Operating margin for the quarter contracted 397 basis points over the previous year period to 8.10 percent.
Operating income for the quarter was $4.56 million, compared with $6.42 million in the previous year period.
Revenue from real estate activities during the quarter increased 6.03 percent or $3.21 million to $56.37 million.
Income from operating leases during the quarter went up marginally by 2.91 percent or $1.37 million to $48.61 million. Revenue from tenant reimbursements was $7.77 million for the quarter, up 30.89 percent or $1.83 million from year-ago period.
"According to a Wall Street Journal Article published on October 5, 2016, seven million new renter households have been created since the housing market peak in 2006 as the home ownership rate declined to 62.9%, which is a 51 year low,” said Ella Neyland, president of the Company. "Although the median household income rose in 2015 for the first time since 2007, we believe working America is still looking for rents that are a moderate income price point that fit their paycheck, and that is the bedrock of the Steadfast portfolio."
Receivables remain almost stable
Net receivables stood at $2.82 million as on Sep. 30, 2016.
Investments stood at $30 million as on Sep. 30, 2016.
Total assets stood at $1,610.07million as on Sep. 30, 2016. On the other hand, total liabilities were at $1,269.78 million as on Sep. 30, 2016.
Return on assets was at 0.05 percent in the quarter. Return on equity was negative at 2.85 percent in the quarter.
Total debt was at $1,219.50 million as on Sep. 30, 2016. Shareholders equity was at $340.29 million as on Sep. 30, 2016. Meanwhile, debt to equity ratio was at 3.58 percent in the quarter.
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