Cedar Realty Trust, Inc (CDR) has reported a 55.75 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $3.08 million, or $0.01 a share in the quarter, compared with $6.96 million, or $0.04 a share for the same period last year.
Revenue during the quarter went down marginally by 1.48 percent to $37.17 million from $37.73 million in the previous year period.
Cost of revenue went down marginally by 0.89 percent or $0.04 million during the quarter to $4.78 million. Gross margin for the quarter contracted 8 basis points over the previous year period to 87.15 percent.
Total expenses were $25.67 million for the quarter, up 6.82 percent or $1.64 million from year-ago period. Operating margin for the quarter contracted 537 basis points over the previous year period to 30.94 percent.
Operating income for the quarter was $11.50 million, compared with $13.70 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $21.51 million compared with $22.56 million in the prior year period. At the same time, adjusted EBITDA margin contracted 192 basis points in the quarter to 57.88 percent from 59.80 percent in the last year period.
Revenue from real estate activities during the quarter went down marginally by 1.48 percent or $0.56 million to $37.17 million.
Income from operating leases during the quarter went down marginally by 1.57 percent or $0.46 million to $28.91 million. Revenue from tenant reimbursements was $8.08 million for the quarter, up 1.72 percent or $0.14 million from year-ago period.
Revenue from other real estate activities during the quarter was $0.17 million, down 57.66 percent or $0.24 million from year-ago period.
“We continue to make consistent strides on the leasing, redevelopment and capital migration fronts. The recent acquisition of Christina Crossing in Wilmington, Delaware and the sale of Upland Square in Pottstown, Pennsylvania, are examples of our continued success migrating our capital from lower density to higher density markets within our DC to Boston footprint.” commented Bruce Schanzer, chief executive officer.
Net receivables were at $14.89 million as on Dec. 31, 2016, down 16.85 percent or $3.02 million from year-ago.
Total assets declined 6.66 percent or $88.06 million to $1,233.52 million on Dec. 31, 2016. On the other hand, total liabilities were at $651.52 million as on Dec. 31, 2016, down 10.02 percent or $72.52 million from year-ago.
Return on assets moved down 31 basis points to 0.72 percent in the quarter. Return on equity was negative at 0.09 percent in the quarter against a positive 0.56 percent in the last year period.
Debt comes down
Total debt was at $607.74 million as on Dec. 31, 2016, down 9.81 percent or $66.08 million from year-ago. Shareholders equity stood at $582 million as on Dec. 31, 2016, down 2.60 percent or $15.55 million from year-ago. As a result, debt to equity ratio went down 8 basis points to 1.04 percent in the quarter.
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