Monmouth Real Estate Investment Corporation (MNR) has reported a 42.01 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $9.85 million, or $0.09 a share in the quarter, compared with $6.94 million, or $0.08 a share for the same period last year. Revenue from real estate activities during the quarter increased 22.11 percent or $4.92 million to $27.18 million.
Cost of revenue rose 22.55 percent or $0.53 million during the quarter to $2.91 million. Gross margin for the quarter contracted 4 basis points over the previous year period to 89.31 percent.
Total expenses were $13.26 million for the quarter, up 18.77 percent or $2.10 million from year-ago period. Operating margin for the quarter expanded 138 basis points over the previous year period to 51.21 percent.
Operating income for the quarter was $13.92 million, compared with $11.09 million in the previous year period.
Income from operating leases during the quarter rose 22.11 percent or $4.22 million to $23.28 million. Revenue from tenant reimbursements was $3.90 million for the quarter, up 22.11 percent or $0.71 million from year-ago period.
Michael P. Landy, president and chief executive officer, commented on the results for the first quarter of fiscal 2017, "This was another record quarter for Monmouth and represents an excellent start to fiscal 2017. We are pleased to report continued strength across multiple fronts. Mr. Landy stated, "We have generated double-digit AFFO per-share growth in each of the prior three years, and with our first quarter AFFO per share up 12% from the prior year, fiscal 2017 is on track to continue this very favorable trend. Our property portfolio is 100% occupied, reflecting the mission-critical nature of our properties."
Operating cash flow improves
Monmouth Real Estate Investment Corporation has generated cash of $14.15 million from operating activities during the quarter, up 21.62 percent or $2.52 million, when compared with the last year period. The company has spent $55.15 million cash to meet investing activities during the quarter as against cash outgo of $55.60 million in the last year period.
The company has spent $24.03 million cash to carry out financing activities during the quarter as against cash inflow of $44.81 million in the last year period.
Cash and cash equivalents stood at $30.72 million as on Dec. 31, 2016, up 137.66 percent or $17.80 million from $12.93 million on Dec. 31, 2015.
Receivables increase substantially
Net receivables were at $2.29 million as on Dec. 31, 2016, up 63.90 percent or $0.89 million from year-ago.
Investments stood at $74.32 million as on Dec. 31, 2016, up 21.77 percent or $13.29 million from year-ago.
Total assets grew 24.41 percent or $237.31 million to $1,209.68 million on Dec. 31, 2016. On the other hand, total liabilities were at $598.54 million as on Dec. 31, 2016, up 16.45 percent or $84.56 million from year-ago.
Return on assets moved up 6 basis points to 1.32 percent in the quarter. At the same time, return on equity moved down 4 basis points to 1.01 percent in the quarter.
Debt moves up
Total debt was at $581.57 million as on Dec. 31, 2016, up 16.15 percent or $80.87 million from year-ago. Shareholders equity stood at $611.14 million as on Dec. 31, 2016, up 33.32 percent or $152.75 million from year-ago. As a result, debt to equity ratio went down 14 basis points to 0.95 percent in the quarter.
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