Colony Starwood Homes (NYSE:SFR) reported first quarter earnings after the bell today, that beat street view.
On a GAAP basis, SFR reported net loss of $ 11.34 million or 11 cents per share, compared with loss of $ 44.2 million or 43 cents per share, a year ago period.
Excluding special items, the company announced Core FFO income of $ 52.80 million or $ 0.48 per share.
Headquartered in Scottsdale, Arizona, SFR recorded Total Revenue that rose 9% to $ 151.04 million from $ 138.27 million in the same quarter last year.
Analysts polled by Thomson Reuters expected Colony Starwood Homes to reveal income of $ 0.04 per share on revenue of $ 148.38 million for the first quarter. Analysts estimates generally exclude one time charges / gains.
Fred Tuomi, CEO, said: Our Same Home revenue growth of 6.9% reflects the continued robust demand and muted supply within Colony Starwood Homes’ high growth markets in the first quarter of 2017. Quarter ending occupancy of 96.1% positions us well as we enter the 2017 peak leasing season while Same Home Core NOI Margin of 65.4% indicates continued gains in operating efficiencies.
The Company has reaffirmed it’s full-year 2017, Core FFO in the range of $1.85 – $1.95 per share.