City Office REIT (CIO) saw its loss widen to $3.30 million, or $0.21 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $1.55 million, or $0.12 a share.
Revenue during the quarter grew 21.44 percent to $21.30 million from $17.54 million in the previous year period.
Cost of revenue rose 28.09 percent or $1.87 million during the quarter to $8.53 million. Gross margin for the quarter contracted 208 basis points over the previous year period to 59.98 percent.
Total expenses were $20.11 million for the quarter, up 32.26 percent or $4.91 million from year-ago period. Operating margin for the quarter contracted 772 basis points over the previous year period to 5.59 percent.
Operating income for the quarter was $1.19 million, compared with $2.34 million in the previous year period.
Revenue from real estate activities during the quarter increased 20.48 percent or $3.53 million to $20.77 million.
Income from operating leases during the quarter rose 23.81 percent or $3.61 million to $18.78 million. Revenue from tenant reimbursements was $1.99 million for the quarter, down 3.86 percent or $0.08 million from year-ago period.
Other income during the quarter was $0.53 million, up 76.08 percent or $0.23 million from year-ago period.
"2016 was an important year for demonstrating the scalability of our platform and our continued dedication to enhancing our internal operations," commented James Farrar, the Company’s chief executive officer. "We efficiently internalized management, strengthened our balance sheet, produced an exceptional year in terms of both investment volume and capital raising and delivered a 15.8% total return for our shareholders."
Receivables move upNet receivables were at $17.26 million as on Dec. 31, 2016, up 19.99 percent or $2.88 million from year-ago. Total assets jumped 49.12 percent or $217.89 million to $661.49 million on Dec. 31, 2016. On the other hand, total liabilities were at $405.44 million as on Dec. 31, 2016, up 9.61 percent or $35.56 million from year-ago.
Return on assets moved down 37 basis points to 0.10 percent in the quarter. Return on equity for the quarter stood at negative 1.98 percent as compared to a negative 2.11 percent for the previous year period.
Debt moves upTotal debt was at $370.06 million as on Dec. 31, 2016, up 8.43 percent or $28.78 million from year-ago. Shareholders equity stood at $256.06 million as on Dec. 31, 2016, up 247.34 percent or $182.34 million from year-ago. As a result, debt to equity ratio went down 318 basis points to 1.45 percent in the quarter.
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