Easterly Government Properties, Inc. (DEA) has reported a 79.72 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $0.90 million, or $0.02 a share in the quarter, compared with $0.50 million, or $0.02 a share for the same period last year.
Revenue during the quarter surged 35.85 percent to $26.98 million from $19.86 million in the previous year period.
Cost of revenue surged 34.77 percent or $2.02 million during the quarter to $7.84 million. Gross margin for the quarter expanded 23 basis points over the previous year period to 70.93 percent.
Total expenses were $23.80 million for the quarter, up 34.50 percent or $6.11 million from year-ago period. Operating margin for the quarter expanded 88 basis points over the previous year period to 11.76 percent.
Operating income for the quarter was $3.17 million, compared with $2.16 million in the previous year period.
Revenue from real estate activities during the quarter surged 35.85 percent or $7.12 million to $26.98 million.
Income from operating leases during the quarter surged 35.13 percent or $6.37 million to $24.49 million. Revenue from tenant reimbursements was $2.38 million for the quarter, up 41.21 percent or $0.70 million from year-ago period.
Revenue from other real estate activities during the quarter was $0.10 million, up 130.95 percent or $0.06 million from year-ago period.
"We are pleased with our results for the quarter," said William C. Trimble III, President and Chief Executive Officer of Easterly. "Our business model continues to deliver strong predictable results with cash flows that are backed by the full faith and credit of the United States Government, which translated to a year-over-year FFO per share growth of 17.5% in the quarter. The company is well positioned to continue to execute its strategy of acquiring the highest quality portfolio of mission critical properties that support our earnings growth objective."
Net receivables were at $11.60 million as on Sep. 30, 2016.
Total assets grew 28.67 percent or $227.37 million to $1,020.55 million on Sep. 30, 2016. On the other hand, total liabilities were at $343.63 million as on Sep. 30, 2016, up 107.51 percent or $178.03 million from year-ago.
Return on assets moved up 1 basis points to 0.11 percent in the quarter. At the same time, return on equity moved up 5 basis points to 0.13 percent in the quarter.
Debt increases substantially
Total debt was at $288.22 million as on Sep. 30, 2016, up 142.36 percent or $169.30 million from year-ago. Shareholders equity stood at $676.92 million as on Sep. 30, 2016, up 7.86 percent or $49.34 million from year-ago. As a result, debt to equity ratio went up 24 basis points to 0.43 percent in the quarter.
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