Easterly Government Properties, Inc. (DEA) has reported a 60.59 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $1.08 million, or $0.03 a share in the quarter, compared with $0.68 million, or $0.03 a share for the same period last year.
Revenue from real estate activities during the quarter increased 24.68 percent or $5.92 million to $29.89 million.
Cost of revenue surged 35.56 percent or $2.38 million during the quarter to $9.08 million. Gross margin for the quarter contracted 244 basis points over the previous year period to 69.61 percent.
Total expenses were $26.12 million for the quarter, up 24.78 percent or $5.19 million from year-ago period. Operating margin for the quarter contracted 7 basis points over the previous year period to 12.60 percent.
Operating income for the quarter was $3.77 million, compared with $3.04 million in the previous year period.
For financial year 2017, the company projects diluted earnings per share to be in the range of $0.13 to $0.17.
Income from operating leases during the quarter rose 19.71 percent or $4.28 million to $26.02 million. Revenue from tenant reimbursements was $3.63 million for the quarter, up 68.35 percent or $1.47 million from year-ago period.
Revenue from other real estate activities during the quarter was $0.24 million, up 198.75 percent or $0.16 million from year-ago period.
"In addition to the closing of the state-of-the-art OSHA - Sandy laboratory this quarter, the Company also announced its entry into the VA sector with the pending acquisitions of the VA - Loma Linda and VA - South Bend outpatient facilities," said William C. Trimble, III, Easterly’s chief executive officer. "Once these two important VA assets close, the age and weighted average remaining lease term of the Company’s portfolio will be significantly enhanced. The Company will remain vigilant in its pursuit of accretive acquisition and development opportunities as we continue to strengthen our growing portfolio."
Receivables increase substantially
Net receivables were at $13.65 million as on Mar. 31, 2017, up 30.51 percent or $3.19 million from year-ago. Total assets grew 15.40 percent or $143.90 million to $1,078.57 million on Mar. 31, 2017. On the other hand, total liabilities were at $390.57 million as on Mar. 31, 2017, up 21.40 percent or $68.84 million from year-ago.
Return on assets moved up 2 basis points to 0.35 percent in the quarter. At the same time, return on equity moved up 5 basis points to 0.16 percent in the quarter.
Debt increases substantially
Total debt was at $337.32 million as on Mar. 31, 2017, up 26.13 percent or $69.88 million from year-ago. Shareholders equity stood at $688 million as on Mar. 31, 2017, up 12.25 percent or $75.06 million from year-ago. As a result, debt to equity ratio went up 5 basis points to 0.49 percent in the quarter.
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