Spirit Realty Capital, Inc (SRC) has reported 84.32 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $0.99 million in the quarter, compared with $6.30 million for the same period last year. Revenue during the quarter went up marginally by 2.78 percent to $173.38 million from $168.69 million in the previous year period.
Cost of revenue surged 38.76 percent or $3.11 million during the quarter to $11.12 million. Gross margin for the quarter contracted 166 basis points over the previous year period to 93.59 percent.
Total expenses were $185.41 million for the quarter, up 16.63 percent or $26.43 million from year-ago period. Operating margin for the quarter stood at negative 6.94 percent as compared to a positive 5.75 percent for the previous year period.
Operating loss for the quarter was $12.03 million, compared with an operating income of $9.71 million in the previous year period.
“2016 was a transformative year for Spirit as we continue to position the Company as a market leader in the net-lease REIT sector. We grew AFFO by 9% to $413 million, while continuing to improve our portfolio, capital structure and team. Our top ten tenants are the strongest they have ever been with more diversification and less cyclical exposure. We completed well-received equity and debt offerings and received investment grade ratings from Moody's, S&P and Fitch. Finally, we augmented our leadership team with a wide breadth of talent and experience that will meaningfully further Spirit's execution capability." stated Thomas H. Nolan, Jr., Chairman and Chief Executive Officer. “As we look forward to 2017, we remain focused on active portfolio management and prudent external growth as a means of creating long-term shareholder value.”
Investments stood at $7,272.66 million as on Dec. 31, 2016, down 2.06 percent or $153.06 million from year-ago.
Total assets stood at $7,677.97million as on Dec. 31, 2016. On the other hand, total liabilities were at $3,995.86 million as on Dec. 31, 2016.
Return on assets was at 0.16 percent in the quarter. At the same time, return on equity was at 0.03 percent in the quarter.
Debt comes down
Total debt was at $3,664.63 million as on Dec. 31, 2016, down 10.46 percent or $428.16 million from year-ago. Shareholders equity was at $3,682.11 million as on Dec. 31, 2016. Meanwhile, debt to equity ratio was at 1 percent in the quarter.
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