Colony Starwood Homes (SFR) Tops Q2 EPS by 3c, Beats on Revenues; Core Adj. FFO of $0.34

Colony Starwood Homes (NYSE: SFR) reported Q2 EPS of ($0.01), $0.03 better than the analyst estimate of ($0.04). Revenue for the quarter came in at $154.37 million versus the consensus estimate of $153.29 million.

Second Quarter 2017 Highlights

• Closed GI Portfolio acquisition of 3,106 homes increasing existing market densities, including high-growth California submarkets.
• Completed a $918.9 million follow-on equity offering ($522.3 million primary and $396.6 million secondary).
• Total revenues increased 7.3% to $154.4 million for the three months ended June 30, 2017 from $143.8 for the three months ended June 30, 2016.
• Net loss attributable to common shareholders of $1.1 million or $0.01 per basic and diluted share for the three months ended June 30, 2017, compared to a $15.7 million net loss or a $0.15 loss per basic and diluted share for the three months ended June 30, 2016.
• Core Funds from Operations (“Core FFO”) was $54.9 million or $0.45 per share for the three months ended June 30, 2017.
• Core Net Operating Income (“Core NOI”) margin for Same Home properties increased to 64.6% for the three months ended June 30, 2017, compared to 62.6% for the three months ended June 30, 2016.
• Same Home Net Operating Income increased by 8.1%, supported by Core Rental Revenue growth of 4.8%, a decrease in Core Operating Expenses of (0.8%) and an occupancy rate of 95.1%.
• Achieved renewal, replacement and blended rent growth rates of 5.2%, 6.1% and 5.5%, respectively, for the Same Home cohort.
• Entered into a $675.0 million revolving credit facility.

For earnings history and earnings-related data on Colony Starwood Homes (SFR) click here.

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