Hudson Pacific Properties, Inc. (HPP) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $22.28 million, or $ 0.18 a share in the quarter, against a net loss of $6.46 million, or $0.07 a share in the last year period.
Revenue during the quarter grew 8.11 percent to $167.20 million from $154.65 million in the previous year period.
Total expenses were almost stable at $140.35 million, when compared with the previous year period. Operating margin for the quarter expanded 713 basis points over the previous year period to 16.06 percent.
Operating income for the quarter was $26.84 million, compared with $13.80 million in the previous year period.
Revenue from real estate activities during the quarter increased 8.11 percent or $12.55 million to $167.20 million.
Income from operating leases during the quarter rose 9.06 percent or $11.27 million to $135.61 million. Revenue from tenant reimbursements was $21.12 million for the quarter, down 6.47 percent or $1.46 million from year-ago period.
Revenue from other real estate activities during the quarter was $10.46 million, up 35.51 percent or $2.74 million from year-ago period.
"Our fourth quarter topped off an outstanding year for Hudson Pacific," said Victor Coleman, Hudson Pacific Properties' Chairman and CEO. "We signed over 560,000 square feet of leases in the quarter, bringing total 2016 deals to north of 2.9 million square feet--nearly double the transactions we completed in 2015. GAAP and cash rent spreads for the year were an impressive 45% and 37%, respectively.
Net receivables were at $94.13 million as on Dec. 31, 2016, down 13.21 percent or $14.33 million from year-ago.
Investments stood at $43.16 million as on Dec. 31, 2016, up 1,994.27 percent or $41.10 million from year-ago.
Total assets stood at $6,679million as on Dec. 31, 2016. On the other hand, total liabilities were at $2,966.07 million as on Dec. 31, 2016.
Return on assets was at 0.75 percent in the quarter. At the same time, return on equity was at 0.60 percent in the quarter.
Debt moves up
Total debt was at $2,688.01 million as on Dec. 31, 2016, up 18.90 percent or $427.29 million from year-ago. Shareholders equity was at $3,702.75 million as on Dec. 31, 2016. Meanwhile, debt to equity ratio was at 0.73 percent in the quarter.
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