Federal Realty Investment Trust (FRT) has reported a 14.59 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $58.04 million, or $0.80 a share in the quarter, compared with $67.95 million, or $0.97 a share for the same period last year.
Revenue during the quarter grew 6.03 percent to $204.11 million from $192.51 million in the previous year period.
Cost of revenue rose 3.24 percent or $2.01 million during the quarter to $64.06 million. Gross margin for the quarter expanded 85 basis points over the previous year period to 68.61 percent.
Total expenses were $120.63 million for the quarter, up 3.46 percent or $4.04 million from year-ago period. Operating margin for the quarter expanded 146 basis points over the previous year period to 40.90 percent.
Operating income for the quarter was $83.48 million, compared with $75.91 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $131.93 million compared with $122.77 million in the prior year period. At the same time, adjusted EBITDA margin improved 87 basis points in the quarter to 64.64 percent from 63.77 percent in the last year period.
For fiscal year 2017, the company expects diluted earnings per share to be in the range of $3.13 to $3.23 and expects FFO diluted earnings per share to be in the range of $5.83 to $5.93.
Revenue from real estate activities during the quarter increased 6.10 percent or $11.68 million to $203.33 million.
Income from operating leases during the quarter rose 6.17 percent or $11.67 million to $200.87 million.
Revenue from other real estate activities during the quarter was almost stable at $2.46 million, when compared with the previous year period.
Other income during the quarter was $0.78 million, down 9.18 percent or $0.08 million from year-ago period.
"We are very pleased with our fourth quarter and full year 2016 results - another record for the trust in terms of FFO per share," said Donald C. Wood, President and Chief Executive Officer of Federal Realty. “We are making good progress on anchor box releasing in our core portfolio. The second phases at both Assembly Row and Pike & Rose have been topped off and we are excited for them to begin opening later this year. We continue to execute on our long term, balanced business plan in order to further position our portfolio for the changing retail environment."
Net receivables were at $146.65 million as on Dec. 31, 2016, down 3.53 percent or $5.37 million from year-ago.
Investments stood at $14.86 million as on Dec. 31, 2016, down 64.22 percent or $26.68 million from year-ago.
Total assets grew 10.76 percent or $526.72 million to $5,423.28 million on Dec. 31, 2016. On the other hand, total liabilities were at $3,203.75 million as on Dec. 31, 2016, up 7.60 percent or $226.44 million from year-ago.
Return on assets moved down 1 basis points to 1.54 percent in the quarter. At the same time, return on equity moved down 102 basis points to 2.79 percent in the quarter.
Debt moves up
Total debt was at $2,798.45 million as on Dec. 31, 2016, up 6.52 percent or $171.24 million from year-ago. Shareholders equity stood at $2,075.84 million as on Dec. 31, 2016, up 16.49 percent or $293.90 million from year-ago. As a result, debt to equity ratio went down 13 basis points to 1.35 percent in the quarter.
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