Highwoods Properties, Inc (HIW) has reported 92.55 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $32.30 million, or $0.31 a share in the quarter, compared with $433.42 million, or $4.49 a share for the same period last year. Revenue during the quarter went up marginally by 2.76 percent to $169.41 million from $164.86 million in the previous year period.
Total expenses were $125.03 million for the quarter, up 2.31 percent or $2.82 million from year-ago period. Operating margin for the quarter expanded 33 basis points over the previous year period to 26.20 percent.
Operating income for the quarter was $44.38 million, compared with $42.65 million in the previous year period.
Revenue from real estate activities during the quarter went up marginally by 2.76 percent or $4.55 million to $169.41 million.
Ed Fritsch, President and Chief executive officer, stated, “We had another productive quarter, generating strong same property cash NOI and leasing metrics. We leased 715,000 square feet of second generation office space with net effective rents 10.3% higher than our prior five-quarter average and robust cash and GAAP rent spreads of +4.4% and +16.6%. In addition, we signed 398,000 square feet of first generation leases.
Net receivables were at $23.60 million as on Mar. 31, 2017, down 33.65 percent or $11.97 million from year-ago.
Total assets went up marginally by 0.77 percent or $34.79 million to $4,548.82 million on Mar. 31, 2017. On the other hand, total liabilities were at $2,249.63 million as on Mar. 31, 2017, down 2.74 percent or $63.41 million from year-ago.
Return on assets moved up 5 basis points to 1.13 percent in the quarter. At the same time, return on equity moved down 1952 basis points to 1.47 percent in the quarter.
Debt comes down marginally
Total debt was at $2,042.49 million as on Mar. 31, 2017, down 2.78 percent or $58.45 million from year-ago. Shareholders equity stood at $2,159.82 million as on Mar. 31, 2017, up 4.73 percent or $97.47 million from year-ago. As a result, debt to equity ratio went down 7 basis points to 0.95 percent in the quarter.
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