Alexandria Real Estate Equities, Inc. (ARE) has reported a 63.57 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $15.30 million, or $0.31 a share in the quarter, compared with $42 million, or $0.49 a share for the same period last year.
Revenue during the quarter grew 11.26 percent to $249.16 million from $223.96 million in the previous year period.
Total expenses were $201.95 million for the quarter, up 22.39 percent or $36.95 million from year-ago period. Operating margin for the quarter contracted 738 basis points over the previous year period to 18.95 percent.
Operating income for the quarter was $47.21 million, compared with $58.96 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $165.71 million compared with $146.52 million in the prior year period. At the same time, adjusted EBITDA margin improved 108 basis points in the quarter to 66.51 percent from 65.42 percent in the last year period.
For fiscal year 2017, Alexandria Real Estate Equities, Inc. expects diluted earnings per share to be in the range of $1.49 to $1.69.
Revenue from real estate activities during the quarter increased 15.27 percent or $32.53 million to $245.58 million.
Income from operating leases during the quarter rose 18.48 percent or $29.22 million to $187.32 million. Revenue from tenant reimbursements was $58.27 million for the quarter, up 6.03 percent or $3.31 million from year-ago period.
Other income during the quarter was $3.58 million, down 67.18 percent or $7.32 million from year-ago period.
Net receivables were at $9.74 million as on Dec. 31, 2016, down 7.07 percent or $0.74 million from year-ago.
Investments stood at $342.48 million as on Dec. 31, 2016, down 3.11 percent or $10.99 million from year-ago.
Total assets grew 16.60 percent or $1,473.87 million to $10,354.89 million on Dec. 31, 2016. On the other hand, total liabilities were at $4,972.61 million as on Dec. 31, 2016, up 8.41 percent or $385.56 million from year-ago.
Return on assets moved down 31 basis points to 0.49 percent in the quarter. Return on equity was negative at 0.47 percent in the quarter against a positive 0.82 percent in the last year period.
Debt moves up
Total debt was at $4,164.02 million as on Dec. 31, 2016, up 5.80 percent or $228.33 million from year-ago. Shareholders equity stood at $5,370.97 million as on Dec. 31, 2016, up 25.50 percent or $1,091.22 million from year-ago. As a result, debt to equity ratio went down 14 basis points to 0.78 percent in the quarter.
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