Education Realty Trust, Inc. (EDR) has reported a 3.07 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $16.16 million, or $0.21 a share in the quarter, compared with $16.67 million, or $0.26 a share for the same period last year.
Revenue during the quarter grew 16.92 percent to $85.80 million from $73.38 million in the previous year period.
Cost of revenue rose 17.07 percent or $5.55 million during the quarter to $38.09 million. Gross margin for the quarter contracted 5 basis points over the previous year period to 55.60 percent.
Total expenses were $67.36 million for the quarter, up 26.70 percent or $14.19 million from year-ago period. Operating margin for the quarter contracted 606 basis points over the previous year period to 21.49 percent.
Operating income for the quarter was $18.44 million, compared with $20.22 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $46.24 million compared with $38.74 million in the prior year period. At the same time, adjusted EBITDA margin improved 110 basis points in the quarter to 53.89 percent from 52.79 percent in the last year period.
For financial year 2017, Education Realty Trust, Inc. projects net income to be in the range of $42.05 million to $49.55 million. It expects diluted earnings per share to be in the range of $0.51 to $0.61 for the same period.
Revenue from real estate activities during the quarter increased 16.75 percent or $11.98 million to $83.54 million.
Income from operating leases during the quarter rose 15.11 percent or $10.60 million to $80.78 million.
Income from management fees during the quarter increased 5.70 percent or $0.05 million to $0.94 million. Revenue from other real estate activities during the quarter was $1.82 million, up 275.78 percent or $1.33 million from year-ago period.
"We were honored to be recognized at the recent Interface Student Housing Conference as winner of an industry leading six Innovator Awards," stated Tom Trubiana, EdR's president. "We work hard to be leaders in the industry in service, creativity and growth and these awards from Student Housing Business are a validation of our efforts and a testament to our successes."
Total assets stood at $2,719.85million as on Mar. 31, 2017. On the other hand, total liabilities were at $884.82 million as on Mar. 31, 2017.
Return on assets was at 0.70 percent in the quarter. At the same time, return on equity was at 0.90 percent in the quarter.
Total debt was at $724.09 million as on Mar. 31, 2017. Shareholders equity was at $1,789.40 million as on Mar. 31, 2017. Meanwhile, debt to equity ratio was at 0.40 percent in the quarter.
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