Kilroy Realty Corp (KRC) has reported 14.33 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $32.74 million, or $0.29 a share in the quarter, compared with $28.64 million, or $0.27 a share for the same period last year. Revenue during the quarter grew 14.40 percent to $168.64 million from $147.41 million in the previous year period.
Cost of revenue rose 11.02 percent or $4.42 million during the quarter to $44.52 million. Gross margin for the quarter expanded 80 basis points over the previous year period to 73.60 percent.
Total expenses were $119.26 million for the quarter, up 13.69 percent or $14.36 million from year-ago period. Operating margin for the quarter expanded 44 basis points over the previous year period to 29.29 percent.
Operating income for the quarter was $49.39 million, compared with $42.52 million in the previous year period.
Revenue from real estate activities during the quarter increased 14.40 percent or $21.23 million to $168.64 million.
Income from operating leases during the quarter rose 12.74 percent or $17 million to $150.47 million. Revenue from tenant reimbursements was $17.13 million for the quarter, up 26.95 percent or $3.64 million from year-ago period.
Revenue from other real estate activities during the quarter was $1.05 million, up 129.82 percent or $0.59 million from year-ago period.
"2016 was another exceptional year for KRC, with strong results across all areas of our business," said John Kilroy, the companys chairman, president and chief executive officer. "Our stabilized portfolio operated at record occupancy, produced record same-store net operating income and generated solid growth in rental rates. In our development program, we delivered approximately $814.0 million of office and residential projects with the office portion 93% committed and secured approvals for approximately 1.8 million square feet in new entitlements, ensuring a shovel-ready set of projects for 2017. Selective participation in the acquisitions market brought us several outstanding properties with unique opportunities for value enhancement. And finally, we demonstrated our commitment to financial discipline and broad access to capital through diverse fund raising that totaled almost $1.6 billion."
Receivables move upNet receivables were at $13.46 million as on Dec. 31, 2016, up 20.69 percent or $2.31 million from year-ago. Investments stood at $14.77 million as on Dec. 31, 2016, up 14.68 percent or $1.89 million from year-ago.
Total assets grew 12.92 percent or $767.16 million to $6,706.63 million on Dec. 31, 2016. On the other hand, total liabilities were at $2,947.32 million as on Dec. 31, 2016, up 8.96 percent or $242.43 million from year-ago.
Return on assets moved up 3 basis points to 0.75 percent in the quarter. Return on equity was negative and almost stable at 0.78 percent in the quarter, when compared with the last year period.
Debt moves up marginallyTotal debt was at $2,320.12 million as on Dec. 31, 2016, up 4.25 percent or $94.65 million from year-ago. Shareholders equity stood at $3,759.32 million as on Dec. 31, 2016, up 16.22 percent or $524.73 million from year-ago. As a result, debt to equity ratio went down 7 basis points to 0.62 percent in the quarter.
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