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Acadia Realty Trust (AKR) has reported an 122.96 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $19.82 million, or $0.24 a share in the quarter, compared with $8.89 million, or $0.13 a share for the same period last year.
Revenue from real estate activities during the quarter increased 5.53 percent or $2.84 million to $54.12 million.
Cost of revenue rose 9.96 percent or $1.46 million during the quarter to $16.18 million. Gross margin for the quarter contracted 120 basis points over the previous year period to 70.11 percent.
Total expenses were $52.77 million for the quarter, up 34.53 percent or $13.54 million from year-ago period. Operating margin for the quarter contracted 2102 basis points over the previous year period to 2.49 percent.
Operating income for the quarter was $1.35 million, compared with $12.06 million in the previous year period.
For financial year 2017, Acadia Realty Trust projects diluted earnings per share to be in the range of $0.58 to $0.63.
Income from operating leases during the quarter rose 8.49 percent or $3.39 million to $43.33 million. Revenue from tenant reimbursements was $9.36 million for the quarter, down 9.94 percent or $1.03 million from year-ago period.
Revenue from other real estate activities during the quarter was $1.43 million, up 50.32 percent or $0.48 million from year-ago period.
"We had another strong year, with respect to both our transactional activity and our operating results," stated Kenneth F. Bernstein, president and chief executive officer of Acadia Realty Trust. "Looking ahead, to 2017 and beyond, our differentiated core portfolio, which is largely concentrated in five key gateway markets, has a strong growth profile, driven by our 2016 acquisitions and opportunities to harvest embedded value within our existing portfolio. Complementing this, our buy-fix-sell fund platform continues to operate on all cylinders, as we profitably monetize our completed value-add projects and plant seeds for future profit-taking. With plenty of dry powder in each of our dual platforms, we like how we’re positioned."
Receivables move up
Net receivables were at $43.84 million as on Dec. 31, 2016, up 8.45 percent or $3.42 million from year-ago.
Total assets jumped 31.78 percent or $963.64 million to $3,995.96 million on Dec. 31, 2016. On the other hand, total liabilities were at $1,817.84 million as on Dec. 31, 2016, up 20.31 percent or $306.87 million from year-ago.
Return on assets moved up 54 basis points to 1.10 percent in the quarter. At the same time, return on equity moved up 32 basis points to 0.90 percent in the quarter.
Debt moves up
Total debt was at $1,558.85 million as on Dec. 31, 2016, up 14.74 percent or $200.24 million from year-ago. Shareholders equity stood at $2,178.12 million as on Dec. 31, 2016, up 43.17 percent or $656.77 million from year-ago. As a result, debt to equity ratio went down 18 basis points to 0.72 percent in the quarter.
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