Piedmont Office Realty Trust, Inc. (PDM) has reported an 144.12 percent jump in profit for the quarter ended Jun. 30, 2015. The company has earned $29.98 million, or $0.20 a share in the quarter, compared with $12.28 million, or $0.08 a share for the same period last year. Revenue from real estate activities during the quarter increased 5.88 percent or $8.15 million to $146.73 million. Income from management fees during the quarter dropped 14.78 percent or $0.08 million to $0.47 million.
Cost of revenue rose 7.60 percent or $4.34 million during the quarter to $61.48 million. Gross margin for the quarter was stable at $58.10 million, when compared with the previous year period.
Total expenses were $125.91 million for the quarter, up 12.40 percent or $13.89 million from year-ago period. Operating margin for the quarter contracted 497 basis points over the previous year period to 14.19 percent.
Operating income for the quarter was $20.82 million, compared with $26.56 million in the previous year period.
Income from operating leases during the quarter rose 3.68 percent or $4.17 million to $117.45 million. Revenue from tenant reimbursements was $28.81 million for the quarter, up 16.44 percent or $4.07 million from year-ago period.
Donald A. Miller, CFA, president and chief executive officer said, "Second quarter was a very busy one for us as we continued to deliver solid financial results, executed over a half million square feet of leasing, recycled out of three non-strategic assets, positioned ourselves to recycle out of three more, and successfully refinanced over half a billion of maturing debt."
Operating cash flow declines
Piedmont Office Realty Trust, Inc. has generated cash of $94.83 million from operating activities during the first half, down 12.91 percent or $14.06 million, when compared with the last year period.
The company has spent $34.52 million cash to meet investing activities during the first six months as against cash outgo of $57.27 million in the last year period.
The company has spent $63.62 million cash to carry out financing activities during the first six months as against cash outgo of $50.03 million in the last year period.
Cash and cash equivalents stood at $9 million as on Jun. 30, 2015, up 5.07 percent or $0.43 million from $8.56 million on Jun. 30, 2014.
Net receivables were at $70.87 million as on Jun. 30, 2015, up 183.22 percent or $45.85 million from year-ago.
Real estate investments stood at $7.71 million as on Jun. 30, 2015. Investments stood at $8.29 million as on Jun. 30, 2015.
Total assets went up marginally by 2.56 percent or $119.48 million to $4,781.30 million on Jun. 30, 2015. On the other hand, total liabilities were at $2,525.45 million as on Jun. 30, 2015, up 9.58 percent or $220.81 million from year-ago.
Return on assets moved down 14 basis points to 0.45 percent in the quarter. At the same time, return on equity moved up 81 basis points to 1.33 percent in the quarter.
Total debt was at $2,320.30 million as on Jun. 30, 2015, up 10.12 percent or $213.21 million from year-ago. Shareholders equity stood at $2,254.83 million as on Jun. 30, 2015, down 4.28 percent or $100.75 million from year-ago. As a result, debt to equity ratio went up 13 basis points to 1.03 percent in the quarter.
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