Equity Commonwealth (EQC) has reported 71.58 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $12.26 million, or $0.08 a share in the quarter, compared with $43.14 million, or $0.28 a share for the same period last year.
Revenue during the quarter dropped 25.47 percent to $103.55 million from $138.93 million in the previous year period.
Total expenses were $98.01 million for the quarter, down 14.55 percent or $16.69 million from year-ago period. Operating margin for the quarter contracted 1210 basis points over the previous year period to 5.34 percent.
Operating income for the quarter was $5.53 million, compared with $24.23 million in the previous year period.
Revenue from real estate activities during the quarter declined 25.47 percent or $35.39 million to $103.55 million.
Income from operating leases during the quarter dropped 25.19 percent or $28.53 million to $84.73 million. Revenue from tenant reimbursements was $18.82 million for the quarter, down 26.71 percent or $6.86 million from year-ago period.
Net receivables were at $152.03 million as on Dec. 31, 2016, down 12.96 percent or $22.64 million from year-ago.
Total assets declined 13.70 percent or $718.30 million to $4,526.08 million on Dec. 31, 2016. On the other hand, total liabilities were at $1,265.63 million as on Dec. 31, 2016, down 32.53 percent or $610.26 million from year-ago.
Return on assets moved down 58 basis points to 0.71 percent in the quarter. At the same time, return on equity moved down 76 basis points to 0.31 percent in the quarter.
Debt comes down significantlyTotal debt was at $1,141.67 million as on Dec. 31, 2016, down 32.73 percent or $555.45 million from year-ago. Shareholders equity stood at $3,260.45 million as on Dec. 31, 2016, down 3.21 percent or $108.04 million from year-ago. As a result, debt to equity ratio went down 15 basis points to 0.35 percent in the quarter.
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