VEREIT, Inc. (VER) saw its loss narrow to $115.42 million, or $0.14 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $187.39 million, or $0.23 a share. Revenue during the quarter dropped 8.22 percent to $351.87 million from $383.37 million in the previous year period.
Cost of revenue surged 37.99 percent or $10.49 million during the quarter to $38.11 million. Gross margin for the quarter contracted 363 basis points over the previous year period to 89.17 percent.
Total expenses were $404.54 million for the quarter, down 20.09 percent or $101.70 million from year-ago period. Operating margin for the quarter stood at negative 14.97 percent as compared to a negative 32.05 percent for the previous year period.
Operating loss for the quarter was $52.67 million, compared with an operating loss of $122.86 million in the previous year period.
Revenue from real estate activities during the quarter declined 6.51 percent or $22.78 million to $327.28 million.
Income from operating leases during the quarter dropped 7.09 percent or $22.85 million to $299.23 million. Revenue from tenant reimbursements was $27.59 million for the quarter, up 0.86 percent or $0.23 million from year-ago period.
Revenue from other real estate activities during the quarter was $0.46 million, down 26.65 percent or $0.17 million from year-ago period.
Other income during the quarter was $24.59 million, down 26.19 percent or $8.73 million from year-ago period.
Glenn J. Rufrano, chief executive officer, stated, "By the end of 2016, we had substantially achieved the core components of our August 2015 business plan, exceeding expectations in many areas. Our successful execution created a more diversified portfolio, a stronger balance sheet, a healthier Cole Capital and a stable dividend. These efforts were rewarded with investment-grade ratings on our debt and the ability to acquire quality assets in the fourth quarter," stated Glenn J. Rufrano, chief executive officer. "In 2017, we will continue to focus on providing a safe balance sheet along with a diversified portfolio through strategic dispositions and leverage neutral acquisitions."
Net receivables were at $44.11 million as on Dec. 31, 2016, down 48.02 percent or $40.76 million from year-ago.
Investments stood at $86.67 million as on Dec. 31, 2016, down 13 percent or $12.95 million from year-ago.
Total assets stood at $15,587.57million as on Dec. 31, 2016. On the other hand, total liabilities were at $6,968.04 million as on Dec. 31, 2016.
Return on assets was at 0.28 percent in the quarter. Return on equity was negative at 1.34 percent in the quarter.
Debt comes downTotal debt was at $6,367.25 million as on Dec. 31, 2016, down 21 percent or $1,692.55 million from year-ago. Shareholders equity was at $8,619.53 million as on Dec. 31, 2016. Meanwhile, debt to equity ratio was at 0.74 percent in the quarter.
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