Revenue during the quarter dropped 27.77 percent to $31.87 million from $44.12 million in the previous year period.

Cost of revenue dropped 11.91 percent or $1.17 million during the quarter to $8.63 million. Gross margin for the quarter contracted 488 basis points over the previous year period to 72.93 percent.

Revenue from real estate activities during the quarter declined 21.66 percent or $1.48 million to $5.35 million.

Income from operating leases during the quarter plunged 30.72 percent or $11.40 million to $25.70 million.

Other income during the quarter was $0.82 million, up 311.50 percent or $0.62 million from year-ago period.

Mahbod Nia, chief executive officer, commented, "We are pleased to report a productive year in which we reshaped our portfolio to focus primarily on high quality office properties in key cities within Germany, the United Kingdom and France. Consistent with this strategy, we sold 19 non-strategic properties during the year through March 1, 2017 at a collective premium to their independent valuation, reduced leverage and strengthened our balance sheet. In parallel, through active management of our properties, we successfully leased or renewed over 7% of the overall portfolio." Mr. Nia continued, "Looking ahead, despite the geopolitical uncertainty across Europe, we remain confident in the strong macroeconomic fundamentals as well as the quality and diversity of our portfolio and its income profile."

Investments stood at $13.73 million as on Dec. 31, 2016, down 42.30 percent or $10.06 million from year-ago.

Total assets plunged 31.22 percent or $837.66 million to $1,845.39 million on Dec. 31, 2016. On the other hand, total liabilities were at $1,243.88 million as on Dec. 31, 2016, down 34.04 percent or $641.86 million from year-ago.

Return on assets was at 1.18 percent in the quarter against a negative 0.72 percent in the last year period. Return on equity was at 2.31 percent in the quarter against a negative 4.27 percent in the last year period.