Alexandria Real Estate Equities, inc. (ARE) has reported a 38.08 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $24.48 million, or $0.07 a share in the quarter, compared with $39.53 million, or $0.46 a share for the same period last year.
Revenue during the quarter grew 5.38 percent to $230.38 million from $218.61 million in the previous year period.
Total expenses were $173.10 million for the quarter, up 13.93 percent or $21.16 million from year-ago period. Operating margin for the quarter contracted 563 basis points over the previous year period to 24.86 percent.
Operating income for the quarter was $57.28 million, compared with $66.67 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $153.67 million compared with $141.90 million in the prior year period. At the same time, adjusted EBITDA margin improved 179 basis points in the quarter to 66.70 percent from 64.91 percent in the last year period.
Revenue from real estate activities during the quarter increased 6.55 percent or $13.84 million to $225.27 million.
Income from operating leases during the quarter rose 7.26 percent or $11.28 million to $166.59 million. Revenue from tenant reimbursements was $58.68 million for the quarter, up 4.57 percent or $2.56 million from year-ago period.
Other income during the quarter was $5.11 million, down 28.87 percent or $2.07 million from year-ago period.
Net receivables were at $9.64 million as on Sep. 30, 2016, down 4.83 percent or $0.49 million from year-ago.
Investments stood at $320.99 million as on Sep. 30, 2016, down 2.90 percent or $9.58 million from year-ago.
Total assets grew 6.67 percent or $581.20 million to $9,293.90 million on Sep. 30, 2016. On the other hand, total liabilities were at $5,000.98 million as on Sep. 30, 2016, up 1.28 percent or $63.46 million from year-ago.
Return on assets moved down 19 basis points to 0.58 percent in the quarter. At the same time, return on equity moved down 74 basis points to 0.13 percent in the quarter.
Debt remains almost stable
Total debt was at $4,329.09 million as on Sep. 30, 2016, up 0.92 percent or $39.51 million from year-ago. Shareholders equity stood at $4,283.91 million as on Sep. 30, 2016, up 13.90 percent or $522.95 million from year-ago. As a result, debt to equity ratio went down 13 basis points to 1.01 percent in the quarter.
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