Investors Real Estate Trust (IRET) swung to a net profit for the year ended Apr. 30, 2015. The company has made a net profit of $24.09 million, or $ 0.11 a share in the year, against a net loss of $13.17 million, or $0.23 a share in the last year. Revenue during the year grew 6.02 percent to $283.19 million from $267.11 million in the previous year.
Cost of revenue rose 4.03 percent or $3.49 million during the year to $90.12 million. Gross margin for the year was stable at $68.18 million, when compared with the previous year.
Total expenses were $204.54 million for the year, down 12.48 percent or $29.16 million from year-ago. Operating margin for the year expanded 1526 basis points over the previous year to 27.77 percent.
Operating income for the year was $78.65 million, compared with $33.41 million in the previous year.
Revenue from real estate activities during the year increased 6.02 percent or $16.08 million to $283.19 million.
Income from operating leases during the year rose 7.24 percent or $15.93 million to $235.85 million. Revenue from tenant reimbursements was $43.82 million for the year, down 3.83 percent or $1.74 million from year-ago period.
Revenue from other real estate activities during the year was $3.52 million, up 116.35 percent or $1.89 million from year-ago.
Operating cash flow improves
Investors Real Estate Trust has generated cash of $114.18 million from operating activities during the year, up 23.42 percent or $21.67 million, when compared with the last year. The company has spent $176.41 million cash to meet investing activities during the year as against cash outgo of $121.83 million in the last year. It has incurred net capital expenditure of $75 million on net basis during the year, up 6.89 percent or $5.55 million from year ago.
Cash flow from financing activities was $63.93 million for the year as against cash outgo of $17.55 million in the last year period. It has made net debt repayment of $82.08 million. It has raised net of $48.70 million by selling common stocks.
Cash and cash equivalents stood at $48.97 million as on Apr. 30, 2015, up 3.60 percent or $1.70 million from $47.27 million on Apr. 30, 2014.
Net receivables were at $3.68 million as on Apr. 30, 2015, down 63.99 percent or $6.53 million from year-ago.
Investments were stable over the past one year at $0.33 million on Apr. 30, 2015.
Total assets grew 6.88 percent or $128.62 million to $1,997.84 million on Apr. 30, 2015. On the other hand, total liabilities were at $1,250.52 million as on Apr. 30, 2015, up 9.46 percent or $108.04 million from year-ago.
Return on assets moved up 248 basis points to 4.39 percent in the year. At the same time, return on equity moved up 610 basis points to 1.93 percent in the year.
Total debt was at $1,179.44 million as on Apr. 30, 2015, up 8.87 percent or $96.08 million from year-ago. Shareholders equity stood at $652.11 million as on Apr. 30, 2015, up 10.12 percent or $59.93 million from year-ago. As a result, debt to equity ratio went up 9 basis points to 1.59 percent in the year.
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