Colony Starwood Homes Announces Third Quarter 2016 Financial And Operating Results

Colony Starwood Homes (NYSE:SFR) (the "Company"), a leading single-family rental real estate investment trust ("REIT"), today announced operating and financial results for the three and nine months ended September 30, 2016. Capitalized terms used herein have the meanings ascribed thereto in the Appendix.

Third Quarter 2016 Highlights
  • Total revenues increased to $146.1 million in Q3 2016, driven by Quarterly Same Store revenue growth of 6.5% and Quarterly Same Store Blended Rent Growth of 5.2%
  • Q3 occupancy was 95.4% for the Quarterly Same Store cohort of 26,592 homes
  • Net loss of $10.9 million or ($0.11) per share; Core FFO of $0.43 per share for the three months ended September 30, 2016
  • Quarterly Same Store NOI increased 6.9% over Q3 2015; Quarterly Same Store Core NOI margin was 61.9%
  • Company substantially exits from the non-performing loans ("NPL") business with portfolio sale that generated total proceeds of $265.3 million
  • Reduced total debt by $383.0 million year-to-date with NPL proceeds, non-core asset disposition activity and cash from operations
  • Company increases full year 2016 Core FFO guidance to $1.65 - $1.69 per share

"Strong demand for high quality single-family rentals continued to fuel revenue growth and stable occupancy through the third quarter peak leasing season," stated Fred Tuomi, the Company's CEO. "Quarterly Same Store revenue growth was 6.5% year-over-year, driven by Quarterly Same Store Blended Rent Growth of 5.2%. Our Quarterly Same Store Core NOI margin of 61.9% was achieved during the peak quarter for lease expirations, move-outs and operating expenses. Also during the quarter, we accelerated our acquisition activity, strengthened our balance sheet and simplified our business with the sale of our non-performing loan portfolio. Our strategic accomplishments to date position us well to take advantage of the many attractive growth opportunities available in the single-family rental space."

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