Regency Centers Corporation (REG) has reported an 167.27 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $61.14 million, or $0.53 a share in the quarter, compared with $22.87 million, or $0.18 a share for the same period last year.
Revenue during the quarter grew 9.16 percent to $159.56 million from $146.17 million in the previous year period.
Cost of revenue rose 25.97 percent or $10.36 million during the quarter to $50.24 million. Gross margin for the quarter contracted 420 basis points over the previous year period to 68.51 percent.
Total expenses were $109.48 million for the quarter, up 13.05 percent or $12.64 million from year-ago period. Operating margin for the quarter contracted 236 basis points over the previous year period to 31.39 percent.
Operating income for the quarter was $50.08 million, compared with $49.33 million in the previous year period.
Revenue from real estate activities during the quarter increased 9.16 percent or $13.39 million to $159.56 million.
Income from operating leases during the quarter rose 8.12 percent or $8.73 million to $116.28 million. Revenue from tenant reimbursements was $36.72 million for the quarter, up 18.10 percent or $5.63 million from year-ago period.
Income from management fees during the quarter dropped 12.79 percent or $0.96 million to $6.57 million.
“2016 was a significant year of growth for Regency, and I am extremely proud of our achievements. We finished the year with strong fourth quarter performance, which allowed us to accomplish a 3.5% increase in Same property NOI for the full year, marking the fifth consecutive year of Same property NOI growth at 3.5%, or greater,” stated Martin E. “Hap” Stein, Jr., chairman and chief executive officer. “During the year, we continued to grow the Company, acquiring over $350 million of high quality shopping centers in target markets, and starting nearly $220 million of accretive development and redevelopment projects. Additionally, we further strengthened our balance sheet, reducing leverage and lowering interest costs. Our experienced and motivated team enters 2017 as focused as ever, and our pending merger with Equity One will further establish Regency as the premier national shopping center company, with superior economies of scale and an unmatched pipeline of growth opportunities to drive NOI, NAV and earnings growth and create long term value for our shareholders.”
Receivables move up
Net receivables were at $111.72 million as on Dec. 31, 2016, up 5.24 percent or $5.56 million from year-ago.
Total assets grew 7.11 percent or $297.83 million to $4,488.91 million on Dec. 31, 2016. On the other hand, total liabilities were at $1,864.40 million as on Dec. 31, 2016, down 11.57 percent or $244.05 million from year-ago.
Return on assets moved up 18 basis points to 1.28 percent in the quarter. At the same time, return on equity moved up 128 basis points to 2.13 percent in the quarter.
Debt comes down
Total debt was at $1,642.42 million as on Dec. 31, 2016, down 11.90 percent or $221.86 million from year-ago. Shareholders equity stood at $2,624.50 million as on Dec. 31, 2016, up 26.02 percent or $541.88 million from year-ago. As a result, debt to equity ratio went down 27 basis points to 0.63 percent in the quarter.
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