Hudson Pacific Properties, Inc. (HPP) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $1.85 million, or $ 0.02 a share in the quarter, against a net loss of $3.90 million, or $0.04 a share in the last year period.
Revenue from real estate activities during the quarter increased 8.60 percent or $13.03 million to $164.58 million.
Total expenses were $140.84 million for the quarter, down 4.44 percent or $6.55 million from year-ago period. Operating margin for the quarter expanded 1168 basis points over the previous year period to 14.42 percent.
Operating income for the quarter was $23.74 million, compared with $4.16 million in the previous year period.
Income from operating leases during the quarter rose 8.52 percent or $10.29 million to $131.02 million. Revenue from tenant reimbursements was $22.90 million for the quarter, up 13.10 percent or $2.65 million from year-ago period.
Revenue from other real estate activities during the quarter was $10.66 million, up 0.83 percent or $0.09 million from year-ago period.
"We are very pleased with third quarter results," said Victor Coleman, Hudson Pacific Properties’ chairman and chief executive officer. “During the quarter, we executed more than 560,000 square feet of leases, with cash rent spreads of 20%. Year-to-date that brings us to 2.4 million square feet, with cash rent spreads of 44%. We continued our intensive focus on existing lease-up and value creation projects, while uncovering compelling off-market and selectively marketed transactions. Fundamentals remain strong across our core markets, and deals with a value-add component, such as 11601 Wilshire in Los Angeles and Hill7 in Seattle, allow us to unlock even more upside."
Net receivables were at $87.90 million as on Sep. 30, 2016.
Investments stood at $28.70 million as on Sep. 30, 2016.
Total assets went up marginally by 1.74 percent or $108.85 million to $6,363.36 million on Sep. 30, 2016. On the other hand, total liabilities were at $2,706.81 million as on Sep. 30, 2016, up 15.51 percent or $363.43 million from year-ago.
Return on assets moved up 19 basis points to 0.39 percent in the quarter. Return on equity was at 0.05 percent in the quarter against a negative 0.10 percent in the last year period.
Debt moves up
Total debt was at $2,407.94 million as on Sep. 30, 2016, up 15.30 percent or $319.61 million from year-ago. Shareholders equity stood at $3,646.37 million as on Sep. 30, 2016, down 6.77 percent or $264.76 million from year-ago. As a result, debt to equity ratio went up 13 basis points to 0.66 percent in the quarter.
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