Griffin-American Healthcare REIT III, Inc. (GAHR) saw its loss widen to $146.03 million, or $0.75 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $101.33 million, or $0.55 a share. Revenue during the year surged 516.65 percent to $989.57 million from $160.48 million in the previous year.
Cost of revenue surged 691.92 percent or $694.20 million during the year to $794.53 million. Gross margin for the year contracted 1777 basis points over the previous year to 19.71 percent.
Total expenses were $1,123.38 million for the year, up 321.12 percent or $856.62 million from year-ago. Operating margin for the year stood at negative 13.52 percent as compared to a negative 66.23 percent for the previous year.
Operating loss for the year was $133.81 million, compared with an operating loss of $106.28 million in the previous year.
Revenue from real estate activities during the year surged 81.94 percent or $52.77 million to $117.17 million.
Income from operating leases during the year surged 81.94 percent or $52.77 million to $117.17 million.
Other income during the year was $872.40 million, up 808.01 percent or $776.33 million from year-ago.
"Griffin-American Healthcare REIT III continued to expand during 2016, acquiring more than $500 million of quality healthcare real estate," said Jeff Hanson, chairman and chief executive officer. "Less than three years since our first acquisition in June 2014, we have constructed a diverse international portfolio valued at approximately $2.9 billion1 on behalf of our fellow stockholders."
Receivables move up
Net receivables were at $127.68 million as on Dec. 31, 2016, up 5.55 percent or $6.71 million from year-ago. Investments stood at $101.12 million as on Dec. 31, 2016, down 30.01 percent or $43.36 million from year-ago.
Total assets stood at $2,794.52million as on Dec. 31, 2016. On the other hand, total liabilities were at $1,344.46 million as on Dec. 31, 2016.
Return on assets was at 5.66 percent in the year. Return on equity was negative at 10.29 percent in the year.
Debt increases substantially
Total debt was at $1,190.33 million as on Dec. 31, 2016, up 71.91 percent or $497.90 million from year-ago. Shareholders equity was at $1,418.55 million as on Dec. 31, 2016. Meanwhile, debt to equity ratio was at 0.84 percent in the year.
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