Corporate Office Properties Trust (OFC) has reported 212.85 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $21.36 million in the quarter, compared with $6.83 million for the same period last year.
Revenue during the quarter dropped 3.12 percent to $139.80 million from $144.31 million in the previous year period.
Cost of revenue went down marginally by 2.50 percent or $1.56 million during the quarter to $61 million. Gross margin for the quarter contracted 28 basis points over the previous year period to 56.36 percent.
Total expenses were $104.37 million for the quarter, down 8.32 percent or $9.47 million from year-ago period. Operating margin for the quarter expanded 423 basis points over the previous year period to 25.35 percent.
Operating income for the quarter was $35.43 million, compared with $30.46 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $73.88 million compared with $74.91 million in the prior year period. At the same time, adjusted EBITDA margin improved 94 basis points in the quarter to 52.85 percent from 51.91 percent in the last year period.
For financial year 2017, the company projects diluted earnings per share to be in the range of $0.60 to $0.66.
Revenue from real estate activities during the quarter declined 4.75 percent or $6.32 million to $126.77 million.
Income from operating leases during the quarter dropped 4.52 percent or $4.77 million to $100.62 million.
Revenue from other real estate activities during the quarter was $26.15 million, down 5.61 percent or $1.55 million from year-ago period.
Other income during the quarter was $13.03 million, up 16.17 percent or $1.81 million from year-ago period.
"Our first quarter results were on track with our business plan and represents a solid start to the year. Our FFO per share, as adjusted for comparability, result of $0.47 exceeded the high end of our guidance, and was boosted by the timing of some operating expenses and favorable net weather related expenses. Accordingly, we are narrowing our guidance for the full year, but maintaining the original mid-point of $2.04. Our first quarter same office cash NOI increase of 5% represents our eighth consecutive quarter of increases, and reaffirms our confidence in our forecast for increasing same office cash NOI by 3% to 3.5% for the full year,” stated Stephen E. Budorick, COPT’s president & chief executive officer.
Receivables move upNet receivables were at $83 million as on Mar. 31, 2017, up 6.72 percent or $5.23 million from year-ago. Real estate investments stood at $25.42 million as on Mar. 31, 2017.
Total assets stood at $3,739.37million as on Mar. 31, 2017. On the other hand, total liabilities were at $2,113.82 million as on Mar. 31, 2017.
Return on assets was at 0.50 percent in the quarter. At the same time, return on equity was at 1.13 percent in the quarter.
Debt comes down Total debt was at $1,903.66 million as on Mar. 31, 2017, down 11.05 percent or $236.56 million from year-ago. Shareholders equity was at $1,601.87 million as on Mar. 31, 2017. Meanwhile, debt to equity ratio was at 1.19 percent in the quarter.
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