Agree Realty Corporation (ADC) has reported a 63.45 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $12.73 million, or $0.50 a share in the quarter, compared with $7.79 million, or $0.41 a share for the same period last year.
Revenue during the quarter surged 32.08 percent to $25.30 million from $19.15 million in the previous year period.
Cost of revenue rose 10.89 percent or $0.22 million during the quarter to $2.24 million. Gross margin for the quarter expanded 169 basis points over the previous year period to 91.15 percent.
Total expenses were $10.82 million for the quarter, up 48.59 percent or $3.54 million from year-ago period. Operating margin for the quarter contracted 475 basis points over the previous year period to 57.24 percent.
Operating income for the quarter was $14.48 million, compared with $11.87 million in the previous year period.
Revenue from real estate activities during the quarter surged 32.62 percent or $6.21 million to $25.25 million.
Income from operating leases during the quarter surged 37.29 percent or $6.34 million to $23.35 million. Revenue from tenant reimbursements was $1.90 million for the quarter, down 6.45 percent or $0.13 million from year-ago period.
Other income during the quarter was $0.05 million, down 56.90 percent or $0.07 million from year-ago period.
"We are extremely pleased with our 2016 performance as we continued to execute on our operating strategy and deliver results in all phases of our business," said Joey Agree, president and chief executive officer of Agree Realty Corporation. "We maintained a disciplined approach across our three external growth platforms while remaining focused on leading retailers that offer a compelling customer experience or employ a comprehensive omni-channel strategy. In 2017, we remain intently focused on being a retail net lease value creator through our differentiated operating strategy."
Receivables increase substantially
Net receivables were at $11.54 million as on Dec. 31, 2016, up 55.50 percent or $4.12 million from year-ago.
Total assets jumped 40.77 percent or $322.02 million to $1,111.92 million on Dec. 31, 2016. On the other hand, total liabilities were at $426.42 million as on Dec. 31, 2016, up 26.80 percent or $90.13 million from year-ago.
Debt increases substantially
Total debt was at $400.92 million as on Dec. 31, 2016, up 26.50 percent or $83.98 million from year-ago. Shareholders equity stood at $685.51 million as on Dec. 31, 2016, up 51.12 percent or $231.89 million from year-ago. As a result, debt to equity ratio went down 11 basis points to 0.58 percent in the quarter.
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