Colony Starwood Homes (SFR) saw its loss narrow to $10.49 million, or $0.10 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $12.14 million, or $0.19 a share.
Revenue during the quarter surged 81 percent to $146.36 million from $80.86 million in the previous year period.
Cost of revenue surged 59.73 percent or $20.37 million during the quarter to $54.47 million. Gross margin for the quarter expanded 496 basis points over the previous year period to 62.78 percent.
Total expenses were $147.37 million for the quarter, up 44.01 percent or $45.04 million from year-ago period. Operating margin for the quarter stood at negative 0.69 percent as compared to a negative 26.55 percent for the previous year period.
Operating loss for the quarter was $1.01 million, compared with an operating loss of $21.47 million in the previous year period.
Revenue from real estate activities during the quarter surged 82.10 percent or $62.09 million to $137.72 million.
Income from operating leases during the quarter surged 82.10 percent or $62.09 million to $137.72 million.
Other income during the quarter was $2.62 million, down 10.53 percent or $0.31 million from year-ago period.
"Fourth quarter Core FFO of $0.47 per share, supported by our Same Store Core NOI margin of 66.2%, caps a year of tremendous accomplishments for Colony Starwood Homes,” stated Fred Tuomi, the Company’s chief executive officer. "Demand for our high-quality, well-located single-family rental homes and operational efficiencies from market density produced Full Year Same Store NOI growth of 11.0%. Since completing our merger in early 2016, we have strengthened our balance sheet by reducing outstanding debt, extending maturities and increasing fixed rate debt from 10% to over 80% today. Having met or exceeded our stated goals for our first full year as Colony Starwood Homes, we are highly confident in our ability to continue delivering superior results. Our 2017 full-year growth expectations reflect strong fundamentals in our high growth markets, the underlying strength of our existing portfolio, and the additional growth opportunities we are pursuing."
Total assets jumped 119.94 percent or $3,607.50 million to $6,615.18 million on Dec. 31, 2016. On the other hand, total liabilities were at $3,970.18 million as on Dec. 31, 2016, up 98.83 percent or $1,973.38 million from year-ago.
Return on assets was negative at 0.01 percent in the quarter against a positive 1.84 percent in the last year period. Return on equity for the quarter stood at negative 0.40 percent as compared to a negative 1.20 percent for the previous year period.
Debt increases substantially
Total debt was at $3,798.72 million as on Dec. 31, 2016, up 173.63 percent or $2,410.44 million from year-ago. Shareholders equity stood at $2,644.99 million as on Dec. 31, 2016, up 161.65 percent or $1,634.12 million from year-ago. As a result, debt to equity ratio went up 6 basis points to 1.44 percent in the quarter.
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