Hudson Pacific Properties, Inc. (HPP) has reported 810.56 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $20.52 million, or $0.14 a share in the quarter, compared with $2.25 million, or $0.03 a share for the same period last year. Revenue during the quarter grew 9.61 percent to $168.28 million from $153.54 million in the previous year period.
Total expenses were $139.78 million for the quarter, up 3.91 percent or $5.26 million from year-ago period. Operating margin for the quarter expanded 456 basis points over the previous year period to 16.94 percent.
Operating income for the quarter was $28.50 million, compared with $19.01 million in the previous year period.
“We are very pleased with first quarter results,” said Victor Coleman, Hudson Pacific Properties’ Chairman and Chief executive officer. “During the quarter, we executed more than 525,000 square feet of leases, with cash rent spreads of 42%, including a 166,000 square foot lease with Google, Inc. at our Rincon Center property in San Francisco. The high level of leasing activity to start the year demonstrates just how strong demand remains throughout our core markets.”
Receivables increase substantially
Net receivables were at $86.86 million as on Mar. 31, 2017, up 91.37 percent or $41.47 million from year-ago. Investments stood at $8.56 million as on Mar. 31, 2017.
Total assets grew 10.97 percent or $662.64 million to $6,701.76 million on Mar. 31, 2017. On the other hand, total liabilities were at $2,665.38 million as on Mar. 31, 2017, up 14.01 percent or $327.54 million from year-ago.
Return on assets moved up 30 basis points to 0.69 percent in the quarter. At the same time, return on equity moved up 45 basis points to 0.51 percent in the quarter.
Debt moves up
Total debt was at $2,388.39 million as on Mar. 31, 2017, up 14.83 percent or $308.38 million from year-ago. Shareholders equity stood at $4,026.20 million as on Mar. 31, 2017, up 9.08 percent or $335.10 million from year-ago. As a result, debt to equity ratio went up 3 basis points to 0.59 percent in the quarter.
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